Bengaluru ranks 8th, Mumbai 9th in annual housing price growth across APAC: Knight Frank

Registering a price growth of 7.1 per cent YoY in the second half of 2023, Bengaluru was ranked 8th on the Asia-Pacific Residential Review.

Published on: Feb 7, 2024, 14:40:20 IST

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Bengaluru and Mumbai have been ranked 8th and 9th, respectively, in terms of annual price growth across Asia-Pacific residential markets during the second half of 2023, according to Knight Frank.

Bengaluru and Mumbai have found a place in the top 10 best-performing Asia-Pacific residential markets in terms of annual price growth, a report found. (Representative image)

Real estate consultant Knight Frank, in its latest report Asia-Pacific Residential Review Index for H2 2023, cited that Bengaluru and Mumbai have found a place in the top 10 best-performing Asia-Pacific residential markets in terms of annual price growth.

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In a statement, the consultant said that 21 out of 25 Asia-Pacific (APAC) cities have recorded positive annual price growth, with Singapore ranked as the best-performing Asia-Pacific market with 13.7 per cent year-on-year (YoY) growth.

Registering a price growth of 7.1 per cent YoY in the second half of 2023, Bengaluru was ranked 8th on the Asia-Pacific Residential Review.

Mumbai ranked 9th, witnessing a YoY growth of 7 per cent.

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Delhi-NCR was ranked 11th with a price growth of 6 per cent YoY in the period.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, "In 2023, residential property demand in India's major cities has surged to its highest level in a decade, despite the increase in mortgage rates and property prices. With significant tailwinds, such as the expected reduction in interest rates and relatively strong economic growth, residential demand is anticipated to sustain momentum in 2024".

ABOUT THE AUTHOR
Yamini C S
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.Read More

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