Hyderabad only Indian city to witness home price appreciation in Q4 2020
Performance can largely be attributed to the city being a preferred destination by professionals from IT/ITeS companies, says Knight Frank
Hyderabad: Hyderabad is the only Indian city globally to witness residential price appreciation in Q4 2020, positioning at 122nd rank with a marginal 0.2 per cent year-on-year (YoY) rise in home prices.
In Q4 2020, residential sales in Hyderabad jumped up by 127 per cent quarter-on-quarter to 3,651 units as compared to 1,609 units in Q3 2020. This can be attributed mainly to festive season promotions and the Covid-induced push for newer homes with a better layout, thereby accommodating the new work requirements from home.
In the latest Global Residential Cities Index Q4 2020 report of Knight Frank, Chennai is the lowest-ranked Indian city standing at the 150th spot, registering a nine per cent decline in home prices YoY.
Among the other Indian cities that have seen de-growth in home prices below five per cent, Bengaluru was ranked at the 129th spot with a decline of 0.8 per cent YoY, followed by Ahmedabad at the 143rd rank with a decline of 3.1 per cent YoY, Mumbai ranked 144th with a fall of 3.2 per cent YoY, and Delhi was ranked at the 146th spot with a decline of 3.9 per cent YoY in prices.
Kolkata witnessed a decline in home prices of 4.3 per cent YoY, standing at 147th spot in the table. Some of the Indian cities which have seen de-growth of above five per cent, were Pune (148th rank) and Chennai (150th rank) with 5.3 per cent YoY and nine per cent YoY decline, respectively in Q4 2020.
Shishir Baijal, CMD, Knight Frank India said, “The performance of Hyderabad’s residential market has remained consistent all through the pandemic, with the city’s real estate market maintaining annual price growth in each quarter, all through 2020. This performance can largely be attributed to the city being a preferred destination by professionals from IT/ITeS companies.”
Global pattern
The index tracks the movement in mainstream residential prices across 150 cities worldwide using official statistics. Ankara in Turkey leads the Global Residential Cities Index Q4 2020 with the highest growth rate of 30.2 per cent, followed by Izmir in Turkey and Istanbul in Turkey at 29.4 per cent and 27.9 per cent, respectively.
Prices across the 150 cities worldwide increased at 5.6 per cent on average in 2020, up from 3.2 per cent in 2019. The report highlighted that 81 per cent of cities saw prices increase in the year to Q4 2020, the index’s annual rate of growth increased for the sixth consecutive quarter in Q4 2020. About 20 per cent of cities registered double-digit price growth in the year to Q4 2020.
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