Bengaluru data 0.8% YoY decline in residential costs; ranks 129 globally
Residential prices across 150 cities globally increased by 5.6% on average in 2020
In its latest report Global Residential Cities Index Q4 2020, Knight Frank, international property consultancy, has featured Hyderabad as the only Indian city globally to witness residential price appreciation in Q4 2020, positioning at 122nd rank with a marginal 0.2% year-on-year (YoY) rise in home prices.
In terms of the de-growth of residential prices, Chennai was the lowest-ranked Indian city standing at the 150th spot, registering a 9.0% decline in home prices.
Prices across 150 cities worldwide increased at 5.6% on average in 2020, up from 3.2% in 2019.
The report highlighted that 81% of cities saw prices increase in the year to Q4 2020, the index’s annual rate of growth increased for the sixth consecutive quarter in Q4 2020. 20% of cities registered double-digit price growth in the year to Q4 2020.
In Q4 2020, residential sales in Hyderabad jumped up by 127% to 3,651 units as compared to 1,609 units in Q3 2020.
This can be attributed mainly to festive season promotions and the COVID-induced push for newer homes with a better layout, thereby accommodating the new work requirements from home.
Among the other Indian cities that have seen de-growth in home prices below 5%, Bengaluru was ranked at the 129th spot with a decline of 0.8%, followed by Ahmedabad at the 143rd rank with a decline of 3.1%, Mumbai ranked 144th with a fall of 3.2% and Delhi was ranked at the 146th spot with a decline of 3.9%. Kolkata witnessed a decline of 4.3%, standing at 147th spot in the table.
Some of the Indian cities which have seen de-growth of above 5% were Pune (148th rank) and Chennai (150th rank) with 5.3% and 9.0% decline respectively in Q4 2020.
The Global Residential Cities Index tracks the movement in mainstream residential prices across 150 cities worldwide using official statistics.
Ankara in Turkey leads the Global Residential Cities Index Q4 2020 with the highest growth rate of 30.2%, followed by Izmir and Istanbul in Turkey at 29.4% and 27.9% respectively.