Bengaluru’s real estate market in 2024: Millennials, Gen Z drive premium property boom

Bengaluru’s real estate market in 2024 witnessed a surge in demand for premium properties, primarily driven by millennials and Gen Z buyers. This trend reflects a shift in preferences toward homes that offer aspirational lifestyles.

Saurabh Garg, co-founder and CBO of NoBroker, reportedly highlighted the trend, noting that properties priced above ₹1 crore were particularly sought after. Buyers prioritized spacious layouts, modern designs, and proximity to work hubs and lifestyle conveniences. A significant portion of millennials and Gen Z buyers are gravitating towards properties with premium amenities, he explained.

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Developers responded by launching high-end residential projects, but this focus exacerbated the gap in affordable housing. The growing preference for premium living led to a demand-supply mismatch in the affordable housing segment.

The rise in luxury home interest was fueled by higher incomes, stock buybacks from successful tech startups, and growth in sectors like technology and finance. For many, premium properties represented both a lifestyle upgrade and a secure investment.
The delivery of new housing units has helped stabilize rental rates, which are unlikely to experience significant fluctuations in the near term.

This growth in sales underscores Bengaluru’s evolving real estate dynamics.