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Mumbai logs 6th highest rise in prime residential prices in Q2 2023

Bengaluru, DHNS: Mumbai registered the sixth highest year-on-year growth in luxury housing prices in the second quarter of the calendar year 2023, a new report by property consultancy Knight Frank India revealed on Wednesday.

Furthermore, the report, which tracked average annual growth in prime residential prices across 46 markets globally, projected that the city will see the highest annual price increase at 5% in 2024.

Overall, the average annual growth in luxury housing prices in the 12 month period ended June 2023 recorded a 1.5% increase across the 46 markets. This came on the back of easing fears tied to interest rate hikes.

“As uncertainty over the direction of inflation appears to have reduced in recent months – price adjustments in many markets are likely to be less pronounced than was expected even three months ago,” said Knight Frank’s global research head Liam Bailey.

Bengaluru, with an increase of 3.6% and New Delhi with a 0.2% hike stood at the 20th and 26th positions, respectively.

“Coming out of a prolonged stagnation over the last decade, prime property price movements in India were positively influenced by strong sales momentum in the category amid limited ready inventory and increased construction costs in recent years,” chairman and managing director at Knight Frank India Shishir Baijal said.

While prices in Dubai soared by 225% since reaching a pandemic low in Q3 2020, reflecting strong growth, the Emirate maintained its top position in the consultancy’s ranking for the eighth consecutive quarter with a 48.8% rise in prices.

Remarkably, prices in Hong Kong dipped by 1.5% over the past year on the back of higher interest rates and a recent surge in unsold inventory from newly developed projects. New York continues to face downward price pressure owing to higher debt costs and evolving work patterns, the report highlighted. Prices in Beijing,  Seoul, Auckland and Taipei also saw downward trends during the 12 month period. While in negative territory, demand in London has remained strong through the past 12-month period.

Source : Deccan Herald



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