Bengaluru & Mumbai Rank in Top 10 APAC Housing Price Growth

New Delhi, Feb 6 (PTI) 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.

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.

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.

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".