Bengaluru, India – Bengaluru has made a remarkable leap, ascending 55 positions on a global housing price appreciation index to secure the 22nd position. This impressive performance was revealed in a recent report by Knight Frank, a leading real estate consultancy firm.
Indian Cities on the Rise
In a significant shift, both Mumbai and Bengaluru have seen a substantial improvement in their rankings on the global index measuring housing price appreciation for the second quarter of this year (April to June). The report underscores a notable boost in the rankings of these Indian cities, with Mumbai climbing from the 95th position to an impressive 19th, while Bengaluru advanced from the 77th to secure the 22nd spot.
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Bengaluru’s Resurgence
Bengaluru, in particular, emerged as the second-highest ranked Indian city on the index for the second quarter. The city experienced an outstanding 5.3% appreciation in residential prices during this period compared to the same quarter last year.
Global Residential Price Trends
The report also sheds light on the overall trend in residential price growth across 107 cities worldwide, revealing a slowdown in the second quarter of 2023. Year-on-year growth rates fell to 1.7%, a substantial drop from the 11.7% recorded in the second quarter of 2022.
Mumbai’s Impressive Climb
Mumbai’s impressive 6% year-on-year growth in the second quarter propelled it 76 positions up the global index, securing the 19th position. Additionally, India’s national capital, New Delhi, ranked as the third-highest Indian city, securing the 25th position with a residential price appreciation of 4.5%.
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Notable Performers
Chennai and Kolkata also made significant appearances on the index, securing the 39th and 40th positions, respectively, with residential price growth of 2.5% each.
International Top Performers
The report identified Ankara, the Turkish capital, as the top performer, experiencing remarkable growth of 105.9%. It was closely followed by Istanbul, which witnessed an 85.1% increase in residential prices. In contrast, Stockholm, the capital of Sweden, found itself at the bottom of the list with notable price depreciation of -14.3%.
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Expert Insights
Shishir Baijal, the Chief Managing Director (CMD) of Knight Frank India, emphasized the resilience of residential prices in India. He noted that residential prices have experienced steady growth alongside strong demand since the beginning of 2022. Even as rates increased, consumer confidence remained robust, leading to increased sales volumes.
These results underscore the dynamic nature of India’s real estate market, as well as the robust performance of Bengaluru and Mumbai in the global context.
Disclaimer: The information provided in this article is based on reports from Knight Frank, a prominent real estate consultancy firm.
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