Hyderabad Records Highest Residential Appreciation Among Indian Cities: Knight Frank report
Mumbai, Dec 27: Hyderabad recorded the highest residential appreciation amongst the eight Indian cities in Q3 of 2021, a Knight Frank report said.
The southern city recorded the highest residential appreciation amongst the Indian cities. Chennai ranked 2nd amongst Indian cities and 131st globally with residential price appreciation of 2.2 per cent.
Kolkata ranked 135th and Ahmedabad at 139th on the global index with a price appreciation of 1.5 per cent and 0.4 per cent respectively in the residential asset class.
Mumbai was the lowest-ranked Indian city with a global ranking of 146th on the index, registering a decline of 1.8 per cent in home prices.
Among the Indian cities that saw marginal de-growth in home prices were Bengaluru ranked at the 140th spot with a decline of 0.2 per cent YoY, followed by Delhi at 142nd rank with a decline of 0.7 per cent YoY and Pune ranked 144th with a fall of 1.5 per cent YoY.
“India has seen a strong demand revival being supported by government stimulants, increased household savings, as well as low interest rates. Pricing has played a key role in pushing up home sales, as they had, for most part of the last 6 quarters remained attractive,” Shishir Baijal, Chairman and Managing Director, Knight Frank India said.
”As demand trends developed residential values firmed up in many markets, and is now expected to remain between stable to increasing. However, developments in the pricing dynamics will depend on the future demand. Factors like interest rates, impact of Omicron and inflationary pressures, amongst will determine buyer sentiments,” he said.
In its latest report titled Global Residential Cities Index Q3 2021, Knight Frank, a leading international property consultancy, said residential price across the 150 cities worldwide increased at an annual average of 10.6 per cent YoY in Q3 2021.
The report said 93 per cent of cities saw prices increase over the 12-month period while 44 per cent of cities registered double-digit price growth in the year to Q3 2021.
The Turkish city of Izmir led the Knight Frank’s Global Residential Cities Index Q3 2021 with the highest growth rate of 34.8 per cent, followed by Wellington in New Zealand at 33.5 per cent.
Kuala Lumpur ranked the lowest in terms of price appreciation (-5.7%) on Global Residential Cities Index.
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