Mumbai recorded the 4th highest YoY progress in prime residential costs in Q3 2023.
Manila overtook Dubai and was ranked 1st within the index, with prime residential costs rising by 21.2% YoY in Q3 2023
Knight Frank, the property consultancy agency, in its current report ‘Prime Global Cities Index Q3 2023’ famous that Mumbai, New Delhi and Bengaluru, all the three Indian cities thought of for the examine recorded a rise in common annual costs of prime residential or luxurious properties in Q3 2023.
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Mumbai recorded the 4th highest YoY progress in prime residential costs in Q3 2023. The 6.5% improve in prime residential costs has moved town up by 18 locations from twenty second rank in Q3 2022.
New Delhi and Bengaluru too recorded an upward motion of their index rankings. NCR moved from thirty sixth rank in Q3 2022 to tenth in Q3 2023 with a progress of 4.1% YoY.
Bengaluru’s rank elevated from twenty seventh rank in Q3 2022 to seventeenth rank in Q3 2023 with a YoY progress of two.2%.
The common rise in annual prime residential costs was recorded at 2.1% throughout the 46 markets within the 12-month interval ending September 2023. This is the strongest progress price recorded since Q3 2022 and displays 67% of cities seeing progress on an annual foundation.
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Shishir Baijal, chairman and MD, Knight Frank India, stated, “The robust price trend in the upper end of the market coupled with strong sales momentum has elevated Mumbai’s position in this global ranking scale. Sales momentum is significantly stronger in the higher ticket sizes today, than it has been in the past five years. The homebuyers’ increasing need to upgrade their lifestyle, coupled with stable economic prospects of the country and improving market sentiments should sustain price growth in the short to medium term.”
Manila claimed the highest spot within the rating with a 21.2% annual rise in costs. Manila’s efficiency is attributed to sturdy home and international investments.
Dubai, with its 15.9% annual progress, has been displaced from the highest place for the primary time in eight quarters resulting from a pointy decline in quarterly progress from 11.6% in Q2 to 0.7% in Q3.
San Francisco was the weakest performing market with a decline of 9.7% YoY.
The Prime Global Cities Index is a valuation-primarily based index monitoring the motion of prime residential costs throughout 46 cities worldwide.
The index tracks nominal costs in native foreign money.
Liam Bailey, Knight Frank’s Global Head of Research, stated, “The improvement in average annual house price growth will be welcomed by prime market homeowners but shouldn’t be overstated. Higher rates mean we have moved into a world of lower asset price growth – and investors will need to work harder to identify opportunities for outperformance to secure target returns.”
