Knight Frank releases wealth report 2023
Knight Frank, a global real estate consultancy, on Wednesday released its Wealth Report 2023, which provides insights into the trends and performance of the prime residential property market across the world.
Hyderabad: Mumbai’s prime property market witnessed a price appreciation of 6.4 per cent, moving the city up to the 37th position on the Prime International Residential Index (PIRI 100) in 2022.
Knight Frank, a global real estate consultancy, on Wednesday released its Wealth Report 2023, which provides insights into the trends and performance of the prime residential property market across the world.
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According to the report, Bengaluru’s prime property appreciation by 3 per cent moved the city’s position to 63rd while Delhi’s prime property market also saw an appreciation of 1.2 per cent, moving the ranking to 77th from 93rd in 2021.
The PIRI 100, which tracks the movement of luxury house prices globally, the Knight Frank report said, increased by 5.2 per cent YoY in 2022. Dubai maintained its position at the top of the PIRI 100, with prime residential prices soaring by 44.2 per cent in 2022, cementing its status as a global hub for ultra-high-net-worth individuals.
Of the 100 markets tracked in PIRI, 85 recorded positive or flat price growth, with the Americas being the top-performing region, narrowly beating Europe, the Middle East, and Africa.
Kate Everett-Allen, partner, residential research at Knight Frank, stated that wealth preservation, safe-haven capital flight, and supply constraints played their part in driving prime price growth, but it was the post-pandemic surge that continued to push prices higher.
This increased the appetite of the world’s wealthy to buy, with 17 per cent of ultra-high-net-worth individuals adding to their portfolios in 2022. Monaco remains the world’s most expensive city, where US$1 million can get you just 17 square metres of space.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said the Indian residential markets have shown growth in demand for the last many quarters, leading to a rise in values. The prime residential market in India has also seen a rise in sales momentum of high-end properties, with Mumbai ranking second among APAC markets, after Tokyo, with 6.4 per cent YoY rise in values, even as other markets in the region saw declining values.
