Housing Prices: Mumbai ranked 19th globally and Bengaluru 22nd in terms of increase in housing prices in the April-June quarter. Knight Frank India gave this information in a report on Friday. In the same period last year, Mumbai was at 95th position while Bengaluru was at 77th position.
Knight Frank India, which consults about the real estate sector, gave this information while releasing the Global Residential Cities Index for the April-June 2023 quarter. According to this, the average price increase at the collective level in 107 cities of the world was 1.7 percent, whereas in the same quarter a year ago, the average prices had increased by 11.7 percent.
According to this report, ‘The growth of housing prices in Mumbai was six percent in the June quarter and it climbed 76 places to 19th position in the global index.’ Whereas Bengaluru city reached 22nd position in this index with 5.3 percent price increase. Bengaluru was ranked 77th in the same quarter last year.
In the second quarter of 2023, housing prices in Delhi increased by 4.5 percent on an annual basis and reached the third position among Indian cities and 25th globally. A year ago, Delhi was at 90th place in the list.
Similarly, Chennai and Kolkata stood at 39th and 40th position respectively in the residential asset class with similar price growth of 2.5 per cent. In the same period last year, Chennai was ranked 107th and Kolkata was ranked 114th.
The highest price increase globally was 105.9 percent in Turkey’s capital Ankara and this city reached the first place in the list. Istanbul, another city in Turkey, is in second place with an increase of 85.1 percent. Whereas Sweden’s capital Stockholm is at the bottom in Knight Frank’s list. There has been a decline of 14.3 percent in housing prices.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, ‘Residential prices have increased at a healthy pace due to strong demand since the beginning of 2022. Despite the increase in interest rates, the sale of houses is increasing due to continued consumer confidence.’
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