Analysing Historical Real Estate Price Trends and Economic Indicators from 2004 to 2023: A Study of Office Properties at CBD Belapur, Navi Mumbai

Abstract

This study investigates real estate price trends for office properties in CBD Belapur, Navi Mumbai, from 2004-2023, and how these changes relate to macroeconomic variables including interest rates, GDP growth, unemployment, and inflation. In order to account for major economic events, the COVID-19 epidemic, the 2008 financial crisis, and India's demonetization in 2016, the analysis is divided into two periods: 2004-2013 and 2014-2023. The findings indicate, nominal prices have increased significantly over time, and real prices accounting for inflation show considerable fluctuation, after 2016. GDP growth and real estate prices are found to have a significant negative correlation, while interest rates had a positive effect on real estate prices from 2004-2013. However, from 2014-2023, none of these factors had a significant impact on price stability. The post-pandemic trend toward remote work further reduced demand for office space, which slowed the rise in prices. This study offers information to help policymakers and investors make wise choices in an evolving socioeconomic context.