This Indian city to see the highest rise in prime residential property prices in the world next year: Report
The financial capital of India has recorded the sixth highest year-on-year growth in prime residential property prices among global cities in the April-June period of 2023. In the second quarter of 2023, the prices of prime residential properties rose by 5.2 per cent year-on-year in Mumbai.
With a hike of 3.6 per cent year-on-year in Q2 2023, Bengaluru ranked at 20th position on the list. With an increase of 0.2 per cent year-on-year in the April-June quarter of 2023, New Delhi is positioned at 26 in the table.
Released by Knight Frank, 'Prime Global Cities Index' is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide.
Shishir Baijal, Chairman and Managing Director at Knight Frank India says, “Against the backdrop of sluggish global growth and worries about inflation that defined a significant portion of 2023, the Indian economy stood out as a remarkable achiever.
While central banks in major developed economies around the world were announcing unprecedented policy rate hikes, the Indian economy, demonstrating stronger growth momentum and better control over inflation, managed to maintain stability in its policy interest rates over the last two quarters. This distinctive approach led to the persistence of robust sales levels in the residential markets, in contrast to the market reflections of action taken by most other major economies."
«Besides, coming out of a prolonged stagnation over the last decade, prime property price movement in the country was also positively influenced by strong sales momentum in the category amid limited ready inventory, and increased construction cost in recent years,” he adds.
With a 48.8 per cent rise year-on-year, Dubai witnessed the
