Avg. Annual Growth of Mumbai, Bengaluru, Delhi Residential Markets
Mumbai moved up from 39th rank in Q3 2021 to 22nd rank in Q3 2022. Bengaluru and New Delhi too witnessed an upward movement in index ranking from 41th rank and 38th rank respectively in Q3 2021 to 27th rank and 36th rank respectively in Q3 2022. The rise in average prices in Mumbai was recorded at 4.8% year-on-year (YoY), Bengaluru (3.3% YoY) and New Delhi (1.2% YoY) during the 12-month change (Q3 2021-Q3 2022). Some of the factors supporting price growth are strong market sentiment, adequate affordability, still low interest rates compared to 2019 and a much more stable economy and business environment relative to many developed economies. According to Knight Frank’s research analysis, the Prime Global Cities Index Q3 2022 recorded an average annual growth of 7.5% in Q3 2022, down from a peak of 10% in Q1 2022. However, at 7.5%, annual growth still sits above the index’s average five-year growth rate of 4.4%. 6 cities registered a double-digit price growth whereas 19 cities witnessed a decline in prime residential prices between June and September 2022. Mumbai witnessed a prominent upward movement in index from 39th rank in Q3 2021 to 22nd rank in Q3 2022. Bengaluru and New Delhi also moved up from 41th rank and 38th rank respectively in Q3 2021 to 27th and 36th rank respectively in Q3 2022. Shishir Baijal, Chairman and Managing Director at Knight Frank India said, “India continues to distinguish itself as one of the most resilient large economies of the world and market sentiments remain strong. While increasing mortgage rates have weighed down prime residential markets globally, the Indian prime residential market has been relatively strong and should be able to sustain the momentum till the end of 2022.”
Tags : annual growth Mumbai Bengaluru Delhi residential markets Knight Frank Shishir Baijal Chairman and Managing Director Knight Frank