Despite a rise in interest rates, residential real estate prices in Mumbai, Bengaluru, and Delhi witnessed a year-on-year (YoY) increase of 5%, 3%, and 1.2% respectively in the first quarter of 2023. This notable growth propelled Mumbai's global ranking among performing cities in terms of premium property price rise, soaring from 38th position in Q1 of 2022 to an impressive 6th position in Q1 of this year.
According to a recent report by Knight Frank, Bengaluru, and New Delhi experienced a positive shift in their index rankings, with Bengaluru rising to the 16th position and New Delhi to the 22nd position, compared to their previous ranks of 37th and 39th respectively in Q1 2022. Meanwhile, Dubai secured the top spot globally in terms of prime residential property values, with an impressive increase of 44.2% in the January-March 2023 quarter.
There was a notable shift in the residential real estate market as the index experienced a decline of 0.4% by the end of March this year, which marked the first decrease since 2009. This decline stands in stark contrast to the significant growth peak of 10.1% witnessed in the fourth quarter of 2021.
Shishir Baijal, the CMD at Knight Frank India, stated that despite a significant surge in home loan rates over the past year, the Indian real estate markets have managed to withstand the impact. This observation was made in reference to the Prime Global Cities Index, which tracks the fluctuations in prime residential prices across 46 cities worldwide.
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