Hyderabad: The Global Residential Cities Index report, Q3 2021 shows that among the Indian cities Hyderabad records the highest residential price appreciation.
From India, the Knight Frank Global Residential Cities index has chosen four cities Hyderabad, Chennai, Kolkata, and Ahmedabad.
However, Hyderabad was ranked 128th on the Global Residential Cities Index with a 2.5% year-on-year rise in home prices. On a domestic level, Hyderabad recorded the highest residential price appreciation in India.
Chennai records second and 131 globally with the residential price of 2.2%, Kolkata ranked third in India and 135 globally with 1.5% appreciation and Ahmedabad ranked fourth in India and 139 on the global index with an appreciation of 0.4%.
The Knight Frank India chairman and managing director Shishir Baijal speaking to Financial Express 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 the most part of the last six quarters remained attractive. As demand trends developed, residential values firmed up in many markets, and are now expected to remain between stable to increasing. However, developments in the pricing dynamics will depend on the future demand.”
The Global Residential Cities Index tracks the movement in residential prices across cities worldwide using official statistics.
The report of Global Residential Cities Index Q3 2021 said that a total of 150 cities has been tracked. 93% saw prices have increased over the 12-month period and 44% saw prices increase by more than 10%. 44% of cities registered double-digit price growth in the year to Q3 2021. The Turkish city of Izmir leads the annual rankings this quarter with price growth of 34.8%.