News roundup: Indian markets achieve high office leasing activities in Q1 2024, and other headlines

For PropertyGuru’s real estate news roundup, several Indian cities achieved historic high office leasing activities in Q1 2024. In other headlines, the residential property prices in the Philippines went up in Q4 2023, while Thailand will announce new measures to stimulate the economy through the real estate sector.

Chennai, Delhi-NCR, Mumbai, Pune see high office leasing activity in Q1 2024: Report

The markets of Chennai, Delhi-NCR, Mumbai and Pune achieved historic gross leasing highs in Q1 2024 (Jan-March) compared to all previous Q1 performances in these cities, according to a recent JLL report. The main forces behind this have been domestic occupiers, particularly in the BFSI, Flex and manufacturing/engineering sectors, who have outperformed their international competitors by driving demand in these locations, the report said.

According to the JLL report featured in Housing.com, the gross leasing activity reached 15.16 million square feet (msf) in Q1 2024, an increase of around 13.8 percent compared to the same period last year. This marks the third consecutive quarter where gross leasing has surpassed the 15 msf mark, following the historical high of 20.94 msf in Q4 2023 and 16.03 msf in Q3 2023. Notably, this also represents the second-highest gross leasing ever recorded in the first quarter of any year, only trailing the levels of 17.3 msf witnessed in Q1 2020. The quarter has set the platform for India’s office market to reach and even surpass the peak activity levels witnessed in 2023.

Philippine residential real estate prices up in Q4 2023

Residential real estate prices went up year-on-year in the Q4 2023 but registered a contraction quarter-on-quarter.

Residential Real Estate Price Indices (RREPI) data released by the Bangko Sentral ng Pilipinas (BSP) showed a 6.5 percent YoY increase in residential real estate prices nationwide, as reported by the PNA.

The BSP however said that QoQ, the index recorded a contraction of 3.6 percent.

Growth in residential property prices in the National Capital Region rose by 4.3 percent as the growth in the prices of single-detached or attached houses and townhouses outweighed the decline in the prices of condominium units.

Residential property prices in the Areas Outside the NCR (AONCR), on the other hand, went up by 7.8 percent.

The central bank said growth was “driven by annual increases in the prices of all types of housing units, except for duplex housing units where growth contracted.”

The RREPI is a measure of the average change in the prices of various types of housing units, such as single-detached or attached houses, duplex housing units, townhouses, and condominium units, based on banks’ data on actual mortgage loans granted to acquire new housing units.

Thailand to announce property measures to boost economy, ministry says

Thailand will announce new property measures on 9th April, the finance ministry said, as the government attempts to revive Southeast Asia’s second-largest economy.

Deputy Finance Ministers Krisada Chinavicharana and Julapun Amornvivat will brief about measures to stimulate the economy through the property sector at 0730 GMT, the ministry said.

The briefing, which will follow a cabinet meeting, will also outline preparations to support Thailand to become a global industrial centre, according to the CNA report.

The Property Report editors wrote this article. For more information, email: [email protected].