NCR rose from twenty eighth rank in Q4 2022 to sixteenth in Q4 2023 with a progress of 4.2% YoY. (Representative picture)
Mumbai recorded the third highest YoY progress in prime residential costs in Q4 2023, pushing it up the rating desk by 5 locations
Knight Frank, the worldwide property consultancy, in its current report ‘Prime Global Cities Index Q4 2023’ famous that Mumbai, New Delhi and Bengaluru, (Indian cities thought-about for the research) recorded a rise of their common annual costs of prime residential or luxurious properties in Q4 2023.
Mumbai’s spectacular 10% value progress prior to now 12 months was pushed primarily by prosperous homebuyers on the lookout for a life-style improve within the backdrop of a robust financial surroundings that continues to realize momentum.
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Mumbai recorded the third highest yr-on-yr (YoY) progress in prime residential costs in Q4 2023, pushing it up the rating desk by 5 locations to 3rd place from its eighth place in Q4 2022.
NCR rose from twenty eighth rank in Q4 2022 to sixteenth in Q4 2023 with a progress of 4.2% YoY. However, Bengaluru noticed a decline in rating from twentieth place in Q4 2022 to twenty seventh rank in Q4 2023, even whereas it recorded a 2.2% YoY progress in residential costs.
The rise within the world prime residential value index was recorded at 3.7% throughout the 45 markets within the 12 months ending December 2023. This is the strongest progress charge recorded since Q3 2022 with 82% of cities seeing progress on an annual foundation.
Shishir Baijal, chairman and managing director at Knight Frank India, mentioned, “The strong growth in prime prices is a reflection of the surge in demand seen in this residential segment across markets in India. With homebuyers increasingly prioritizing lifestyle upgrades, bolstered by the nation’s stable economic outlook and positive market sentiment, this segment should likely see price levels continue to elevate in the near term.”
Manila claimed the highest spot within the rating with a 26.3% annual rise in costs. The capital metropolis’s efficiency is attributed to robust home and international investments. Dubai with 15.1% YoY progress ranks 2nd within the index.
The Prime Global Cities Index is a valuation-primarily based index monitoring the motion of prime residential costs throughout 45 cities worldwide. The index tracks nominal costs in native foreign money.
Liam Bailey, Knight Frank’s world head of analysis, mentioned, “The biggest impact of the rate tightening cycle in the past 12 months has been on sales volumes, which have fallen in most markets by around 10% to 20%. While prices did initially fall as rates rose in 2022, as supply has been squeezed prices have ticked up. Rate cuts in the second half of 2024 will add further impetus to the market.”
