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Bengaluru: Hyderabad, Chennai, Kolkata and Ahmedabad witnessed appreciation in home prices in July-September, while most major metros saw a decline, according to the latest report ‘Global Residential Cities Index Q3 2021’ by property advisory Knight Frank.

Mumbai was the lowest-ranked Indian city with a global ranking of 146th on the index, registering a decline of 1.8% in home prices. Similarly, Bengaluru ranked at the 140th spot saw a decline of 0.2% year-on-year, followed by Delhi at 142nd rank with a decline of 0.7% y-o-y, while Pune saw a 1.5% YoY fall.

Residential prices across the 150 cities worldwide increased at an annual average of 10.6% year-on-year in Q3 2021, recorded as the fastest price growth rate since early 2005. Nearly 93% of cities saw prices increase over the 12-month period.

“India has seen a strong demand revival being supported by government stimulants, increased household savings, as well as low interest rates. Pricing has played a key role in pushing up home sales, as they had, for most part of the last 6 quarters remained attractive. Residential value firmed up in many markets, and is now expected to remain between stable to increasing," said Shishir Baijal, chairman and managing director, Knight Frank India.

“…Developments in the pricing dynamics will depend on the future demand. Factors such as interest rates, impact of Omicron and inflationary pressures, among others will determine buyer sentiments. We hope that the government will continue to maintain its accommodative and positive status in maintaining the current economic environment to help maintain the sales momentum in the residential segment," Baijal added.

The Global Residential Cities Index tracks the movement in mainstream residential prices across 150 cities worldwide using official statistics. The Turkish city of Izmir leads the Index in Q3 2021 with the highest price growth rate of 34.8%, followed by Wellington in New Zealand at 33.5%. Kuala Lumpur ranked the lowest in terms of price appreciation (-5.7%) on the index.

 

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