Mexico City : Housing sales fell by 42 % in the national capital region during the first eight months of 2012 calendar year and developers are looking at offloading their housing stocks in the festival season, according to realty research firm PropEquity.
Mumbai Metropolitan Region and Bangalore markets, too, saw drop in absorption of housing units at 34 % and three %, respectively, during January-August this year compared with the year-ago period.
PropEquity, the real estate data analytics and research firm, attributed the fall in absorption in these markets to lack of demand from investors in the uncertain economic situation. It, however, said that end-user demand is there.
Mumbai absorbed 45,049 units during January-August 2012 against 68,740 housing units in the corresponding period of the last year.
In Bangalore, sales dropped to 24,734 units from 25,460 units during the period under review.
The ray of hope for developers is the festive season period between September to December which is generally associated with high sales, it added.
“The major impact of the current economic uncertainty has been reflected in investor driven markets. However, end-user driven markets have not been affected so badly,” said Gaurav Pandey, Senior Vice President & Head – Research and Consulting. — PTI