Average annual growth of global prime residential markets witness decline, Indian market registers upward capital value: Knight Frank Prime Global Cities Index Q3 2022
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MUMBAI:Knight Frank, a leading international property consultancy, in its latest report on ‘Prime Global Cities Index Q3 2022’ cited that all three Indian cities (Mumbai, Bengaluru and New Delhi) registered an increase in average annual prices in Q3 2022. Mumbai moved up from39th rank in Q3 2021 to 22ndrank 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 manydeveloped economies.
The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential prices in local currency across 45+ cities worldwide using Knight Frank’s global research network
According to Knight Frank’s research analysis, thePrime 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.
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