Page 18 - CV June-July 2023 Issue

MUMBAI CLIMBS TO 6TH RANK FROM

38TH IN ANNUAL HOUSING PRICE

APPRECIATION ACROSS

46 CITIES GLOBALLY

umbai ranks 6th among 46 cities globally in terms of Index is a valuation-based index tracking the movement of prime
annual price growth of high-end residential properties with residential prices across 46 cities worldwide. The index tracks
Mappreciation of 5.5 per cent, according to Knight Frank. nominal prices in local currency. Mumbai's significant rise on the
Real estate consultant Knight Frank India in its report 'Prime Global international index was largely due to the rise in demand in the city,
Cities Index Q1 2023' said that Mumbai, Bengaluru and New Delhi the consultant attributed. While the demand has been strong for all
have registered an increase in average annual prices in January- segments, the consultant said it has seen a rise in the sale of higher
March 2023. value products. Knight Frank India CMD Shishir Baijal said, "The
Indian economy stood out with steady performance despite concerns
"Mumbai moved up from the 38th rank in Q1 2022 to the 06th rank in around global growth and inflation that marked most of 2022."
Q1 2023 based on the annual growth in high-end or prime
properties," the consultant said in a statement. However, he said the Indian real estate markets displayed continued
Bengaluru and New Delhi also witnessed an upward movement in momentum in demand, amid concerns of an inflationary
index ranking to 16th and 22nd ranks from their previous 37th and environment, and weathered a steep rise in home loan rates over the
39th ranks, respectively, in the first quarter of 2022 calendar year. past 12 months."Particularly, we have seen demand for prime
“The rise in average prices in Mumbai was recorded at 5.5 per cent
residential property being maintained largely due to three factors,
year-on-year (YoY), while it was 3 per cent YoY in Bengaluru, and 1.2
firstly these set of consumers are less dependent on mortgage
per cent YoY in New Delhi, compared to Q1 2022," it said.
support; secondly, the continuous growth in economy has led to an
increase and stability in income and lastly the prolonged trend of
Dubai clinched the top position globally with an increase of 44.2 per
buying larger homes," Baijal said.
cent in prime residential properties values. The Prime Global Cities

CONSTRUCTION VISION 16 JUNE-JULY 2023