Knight Frank Global Residential Cities Index 2023: In phrases of the rise in housing costs throughout April-June quarter of 2023, Mumbai climbed to nineteenth position and Bengaluru to 22nd globally in accordance to Knight Frank India.
Mumbai ranked ninety fifth whereas Bengaluru 77th in the identical interval final 12 months (2022).
Real property advisor Knight Frank India has launched a report ‘Global Residential Cities Index Q2 2023, stating that residential worth progress throughout the 107 world cities has slowed in Q2 2023, falling to 1.7 per cent year-on-year (y-o-y) from 11.7 per cent YoY in Q2 2022.
The index gives a quarterly snapshot of tendencies in mainstream housing markets throughout greater than 100 world cities.
“With an annual percentage change of 6 per cent, Mumbai has significantly moved up 76 places to secure the 19th position,” Knight Frank stated.
Know rating, residential worth appreciation of different cities:
Bengaluru grew to become the second highest-ranked Indian metropolis on Global Residential Cities Index Q2 2023, climbing to 22nd position from 77th in Q2 2022. The metropolis witnessed residential worth appreciation of 5.3 per cent YoY in Q2 2023.
New Delhi ranked third amongst the Indian cities and twenty fifth globally with residential worth appreciation of 4.5 per cent YoY in Q2 2023. The metropolis climbed 65 spots from the ninetieth rank in Q2 2022.
In Q2 2023, Chennai and Kolkata ranked thirty ninth and fortieth with a worth appreciation of two.5 per cent every in the residential asset class. However, on the similar time final 12 months, the cities stood at a rank of 107th and 114th globally.
The Turkish capital Ankara ranks first with the best progress price of 105.9 per cent, adopted by Istanbul at 85.1 per cent. Stockholm ranked the bottom in phrases of worth appreciation (-14.3 per cent).
Knight Frank India CMD Shishir Baijal stated, “Residential costs have grown at a wholesome clip together with robust demand for the reason that starting of 2022. Even whereas charges rose, shopper confidence remained buoyant main to rising gross sales volumes.
On the report, Gurugram-based realty agency Krisumi Corporation MD Mohit Jain stated the housing costs, which remained stagnant for greater than a decade, have began rising marginally in the previous two years on larger demand.
“Home prices are unlikely to fall in the coming years and may continue to rise, though at a moderate pace,” Jain stated.
(With PTI inputs)
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