Mumbai, Bengaluru secure 19th, 22nd positions globally in housing price appreciation: Report

Bengaluru jumped 55 places on a global housing prices appreciation index to secure the 22nd position, according to a report by Knight Frank.

Indian cities Mumbai and Bengaluru jumped from 95th and 77th positions to 19th and 22nd positions, respectively, on a global index measuring housing price appreciation in the second quarter of this year, that is from April to June, according to a report from real estate consultancy firm Knight Frank.

The growth in residential prices in 107 cities across the globe slowed in Q2 2023, falling to 1.7 per cent year-on-year (y-o-y).(Parveen Kumar/Hindustan Times)

The firm analysed the inflation in housing prices across several cities in the world in a report called the ‘Global Residential Cities Index Q2 2023'. It noted that the Karnataka capital became the second highest-ranked Indian city after Mumbai on the index in Q2, witnessing an appreciation of 5.3 per cent in residential prices in the period, as compared to the same period last year.

It observed broadly that the growth in residential prices in 107 cities across the globe slowed in Q2 2023, falling to 1.7 per cent year-on-year (y-o-y) from 11.7 per cent y-o-y in Q2 2022.

Mumbai saw a 6 per cent spike in Q2 y-o-y, leaping 76 positions to secure the 19th place, whereas national capital New Delhi made for the third highest ranked Indian city in the 25th position on the index, with a residential price appreciation of 4.5 per cent.

Chennai and Kolkata were placed in the 39th and 40th position, respectively, having seen residential prices growth of 2.5 per cent each. Turkish capital Ankara topped the list with an astounding growth of 105.9 per cent, followed by Istanbul, at 85.1 per cent growth. Stockholm, Sweden's capital, saw itself last in the list, with price appreciation at -14.3 per cent.

Shishir Baijal, the Chief Managing Director (CMD) of Knight Frank India spoek to news agency PTI, saying, “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.”

(With inputs from PTI)