According to Knight Frank, Mumbai ranks 22nd in a global index measuring the annual price appreciation of premium residential properties.
Property consultant Knight Frank in its report on ‘Prime Global Cities Index Q3 (July-September) 2022’ said that all three Indian cities – Mumbai, Bengaluru and New Delhi – have registered average annual price growth in the third quarter of 2022.
The Prime Global Cities Index is a valuation-based index that tracks prime residential price movements in local currency in more than 45 cities around the world.
Mumbai moved up from 39th rank in the year-ago period to 22nd rank in the third quarter of 2022.
Bangalore’s rank also improved from 41st to 27th, while New Delhi’s position improved from 38th to 36th.
During the 12-month period (Q3 2021-Q3 2022), the average price growth in Mumbai was 4.8 percent year-on-year (YoY), followed by Bengaluru (3.3 percent YoY) and New Delhi (1.2 percent YoY). ,
The advisory attributed the rise in prices to strong market sentiment, adequate affordability, still lower interest rates as compared to 2019 and a more stable economy and business environment relative to many developed economies.
“India continues to differentiate itself as one of the world’s most resilient large economies and market sentiment remains strong,” said Shishir Baijal, chairman and managing director, Knight Frank India.
While the rise in mortgage rates has weighed down on prime residential markets globally, he said the Indian prime residential market has been relatively strong and should be able to sustain the momentum till the end of 2022.
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