Bangalore, March 7, 2020: Whitefield in Bangalore is rated among the world's most desirable neighbourhoods in the world: a surprise finding this week.
Leading international property consultancy Knight Frank India, has released its 14th Annual Flagship report: The Wealth Report 2020 where their global team of residential property experts have handpicked the most desirable areas/neighbourhoods that are likely to become prime property hotspots over the next five years. These neighbourhoods would primarily benefit on account of significant improvement on social and physical infrastructure development. One neighbourhood from India has featured on this vital list -- Whitefield in Bangalore, one of the fastest growing metropolitan cities in the country.
Tourism plays a significant role when it comes to the luxury real estate market and it is not surprising to see that Marrakech, Morocco, Cape Town, South Africa, KL, Malaysia, Sentosa, Singapore and Australia feature high on Knight Frank’s prime property list for 2020.
What works for Whitefield: An attractive suburb on Bangalore's eastern periphery, Whitefield is a major IT hub within the city. The upcoming Metro rail connectivity in Whitefield has provided a fillip to this vibrant neighbourhood. Impending enhanced connectivity along with robust improvement in transport infrastructure will reduce traffic congestion woes and attract further residential demand, turning Whitefield into an appealing hotspot.
According to the Knight Frank India survey, Whitefield attracts domestic buyers living in rented accommodations in the vicinity who want to move closer to their workplaces as well as a diverse mix of buyers from other locations coupled with the expat population living or working in Bangalore’s IT sector. The residential property range for a three-bedroom apartment in Whitefield admeasuring 1,000 sq. ft. is currently selling at Rs 4,500-7,000 per sq. ft.
Says Shantanu Mazumder, Senior Branch Director – Bangalore, Knight Frank India: “Whitefield and nearby residential belts were severely affected during 2018 due to the ongoing Phase 2 Metro construction and road widening along the planned Metro line. With the advancement of Metro work, developers feel that now is the right time to cash in on the existing demand in this region due to improved physical infrastructure. Whitefield growing as a residential hub is a positive sign of the Bangalore real estate market.”
According to Knight Frank India’s report on real estate in H2 2019, the residential pricing in Whitefield rose by 7% in the 12 months, and 3% in the last 6 months. The price range of home prices in Whitefield stood at Rs 4,500 – Rs 7,300 sq. ft. Overall, home launches registered a healthy 23% growth YoY in Bangalore at 33,772 units in 2019, and grew by 9% to 12,878 units in H2 2019. Meanwhile home sales in Bangalore rose by 10% to 48,076 units in 2019, and by a similar clip to 19,851 units in H2 2019.
A part of the Wealth Report 2020, Knight Frank’s Prime International Residential Index (PIRI 100) survey, which tracks the movement of luxury residential prices in 100 cities, reveals that in 2019 Bangalore has registered 2.1% growth in luxury residential prices.
When it comes to luxury properties, in Bangalore, with USD 1 million you can buy 336 square metres of area (a luxurious penthouse in the city). Notwithstanding the resilience in prices, one can still acquire 6.6% more prime residential area in Bangalore now, compared to 2015 due to the relative strengthening of the USD during this period
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PRIME PROPERTY HOTSPOTS FOR 2020
Prime property is defined as the most desirable and most expensive
property in a given location, generally defined as the top 5% of each
market by value. Prime markets often have a significant international
bias in terms of buyer profile.
Neighbourhood City/area Country/territory
Road to Amizmiz Marrakec Morocco
Kenilworth Cape Town South Africa
Borrowdale Brook Harare Zimbabwe
Jinwan Zhuhai China
Fengtai Beijing China
Whitefield Bangalore India
Toranomon, Minato-Ku Tokyo Japan
Niseko Hokkaido Island Japan
Damansara Heights Kuala Lumpur Malaysia
Sentosa Singapore Singapore
Source: Knight Frank – The Wealth Report 2020
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