Hyderabad only Indian city to make it to top 20 in home price rise: Report
Hyderabad is the only Indian city in the top 20 in a list of 150 world cities that witnessed price acceleration in residential complexes, according to a report.
Hyderabad stood at 14th spot, recording a 9 per cent year-on-year price acceleration in home segment, said the report released by London-based real estate agency Knight Frank.
New Delhi is the next highest ranked Indian city in the list at 73rd spot, with a 3. 2 per cent year-on-year rise in home prices.
India’s Silicon Valley, Bengaluru, stood at the 94th rank with a 2 per cent appreciation and Ahmedabad was 108th rank with a 1.1 per cent rise.
Apart from it, the report also included Indian cities, which saw reduction in home prices. These cities were Kolkata, Mumbai, Chennai and Pune.
Kolkata was ranked at 130th spot with a decline of 2 per cent. Mumbai, India’s financial capital, stood at 135th rank and recorded a short fall of 3 per cent. Chennai was at 136th rank with a fall of 3 per cent.
Pune was the lowest-ranked Indian city in the Knight Frank report at the 138th spot. Pune recorded a 3.5 per cent decline in home prices.
Overall, Hungary’s capital Budapest topped the Global Residential Cities Index Q3 2019 with the highest annual growth rate of 24.1 per cent, followed by China’s Xi’an and Wuhan at 15.9 per cent and 14.9 per cent.
Budapest’s acceleration rate was driven by low mortgage rates, strong employment and economic growth.
The report said that 78% of cities tracked registered static or positive price growth in the year to September 2019. It added that the overall annual average growth across 150 cities was 3. 2 per cent, the weakest growth since the second quarter of 2015.
Canada was the country with the largest gap between its strongest and weakest-performing city.
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