New Delhi, Jan 16 (PTI) Property prices rose 19 per cent annually during the October-December period, according to a report by real estate platform Magicbricks.

Property prices across 13 prime cities increased 18.8 per cent Year-on-Year (YoY) and 3.97 per cent quarter-on-quarter (QoQ) during October-December 2023, the report released on Tuesday said.

Also Read | Flight Delayed or Cancelled Due to Fog? Know About Rights and How to Get Full Refund.

Gurugram (32.1 per cent YoY), Greater Noida (31 per cent YoY), Noida (26.1 per cent YoY), and Hyderabad (15.8 per cent YoY) exhibited the highest appreciation during this period, it added.

Based on the data of over 2 crore customers within the primary (first-time sale) and secondary (resale) residential real estate market on the Magicbricks platform, the report indicated that while demand (searches) increased 2 per cent YoY, it decreased 16.9 per cent QoQ, primarily due to rising property prices.

Also Read | Army Day (India) 2024 Date, History and Significance: Know About the Day When KM Cariappa Became the First Indian Commander-in-Chief of the Army.

The listings reduced 16.9 per cent YoY, with exceptions in Mumbai (4.2 per cent YoY) and Hyderabad (0.4 per cent YoY), where supply increased.

"The year 2023 served as a pivotal period for the real estate sector, witnessing an exponential surge in residential demand propelled by robust macroeconomic factors and positive customer sentiment," Abhishek Bhadra, Head of Research at Magicbricks, said.

"However, constrained residential supply and increasing home loan rates had an inflationary impact on residential prices, subsequently declining demand this quarter. Despite these short-term challenges, we foresee a positive trajectory for residential demand in the medium- to long-term, anticipating a rebound in supply and moderation in residential prices," he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)