Mumbai climbs to 19th, Bengaluru to 22nd position in Knight Frank’s Global Residential Cities Index 2023

Knight Frank Global Residential Cities Index 2023: In terms of the rise in housing prices during April-June quarter of 2023, Mumbai climbed to 19th position and Bengaluru to 22nd globally according to Knight Frank India.

Mumbai ranked 95th while Bengaluru 77th in the same period last year (2022).

Real estate consultant Knight Frank India has released a report ‘Global Residential Cities Index Q2 2023, stating that residential price growth across 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 provides a quarterly snapshot of trends in mainstream housing markets across more 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 said.

Know ranking, residential price appreciation of other cities:

Bengaluru became the second highest-ranked Indian city on Global Residential Cities Index Q2 2023, climbing to 22nd position from 77th in Q2 2022. The city witnessed residential price appreciation of 5.3 per cent YoY in Q2 2023.

New Delhi ranked 3rd amongst the Indian cities and 25th globally with residential price appreciation of 4.5 per cent YoY in Q2 2023. The city climbed 65 spots from the 90th rank in Q2 2022.

In Q2 2023, Chennai and Kolkata ranked 39th and 40th with a price appreciation of 2.5 per cent each in the residential asset class. However, at the same time last year, the cities stood at a rank of 107th and 114th globally.

The Turkish capital Ankara ranks first with the highest growth rate of 105.9 per cent, followed by Istanbul at 85.1 per cent. Stockholm ranked the lowest in terms of price appreciation (-14.3 per cent).

Knight Frank India CMD Shishir Baijal said, “Residential prices have grown at a healthy clip along with strong demand since the beginning of 2022. Even while rates rose, consumer confidence remained buoyant leading to growing sales volumes.

On the report, Gurugram-based realty firm Krisumi Corporation MD Mohit Jain said the housing prices, which remained stagnant for more than a decade, have started rising marginally in the past two years on higher demand.

“Home prices are unlikely to fall in the coming years and may continue to rise, though at a moderate pace,” Jain said.

(With PTI inputs) 

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