Hyderabad ranks highest amongst Indian cities in residential price appreciation in Q3 2021
Hyderabad: Proving its fundamentals right, Hyderabad has been ranked the highest amongst the top eight Indian cities in Q3 2021 in terms of residential price appreciation, witnessing 2.5 per cent year-on-year (YoY) increase in home prices. Knight Frank Global Residential Cities Index Q3 2021 showed that Hyderabad has been positioned at 128th rank globally while […]
Hyderabad: Proving its fundamentals right, Hyderabad has been ranked the highest amongst the top eight Indian cities in Q3 2021 in terms of residential price appreciation, witnessing 2.5 per cent year-on-year (YoY) increase in home prices.
Knight Frank Global Residential Cities Index Q3 2021 showed that Hyderabad has been positioned at 128th rank globally while Chennai has been ranked second amongst Indian cities and 131st globally with residential price appreciation of 2.2 per cent.
Globally, Kolkata ranked 135th and Ahmedabad at 139th on the index with a price appreciation of 1.5 per cent and 0.4 per cent respectively in the residential asset class. Mumbai was the lowest-ranked Indian city with a global ranking of 146th on the index, registering a decline of 1.8 per cent in home prices.
The index has featured four Indian cities- Hyderabad, Chennai, Kolkata, and Ahmedabad to have witnessed residential price appreciation in Q3 2021. Among the other Indian cities that have seen marginal de-growth in home prices were Bengaluru ranked at the 140th spot with a decline of 0.2 per cent YoY, followed by Delhi at 142nd rank with a decline of 0.7 per cent YoY, while Pune ranked 144th with a fall of 1.5 per cent YoY.
Knight Frank cited that residential price across the 150 cities worldwide increased at an annual average of 10.6 per cent YoY in Q3 2021, representing the fastest residential price growth rate since Q1 2005.
The index tracks the movement in mainstream residential prices across 150 cities worldwide using official statistics. The Turkish city of Izmir leads the index with the highest growth rate of 34.8 per cent, followed by Wellington in New Zealand at 33.5 per cent. Kuala Lumpur ranked the lowest in terms of price appreciation (-5.7 per cent).
Shishir Baijal, CMD, Knight Frank India said, “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 six quarters, remained attractive.”
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