‘HYDERABAD ONLY INDIAN CITY WITH RESIDENTIAL PRICE APPRECIATION’
International property consultancy Knight Frank 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 per cent yearon-year rise in home prices.
In terms of the de-growth,
Chennai was the lowestranked Indian city standing at the 150th spot, registering a 9 per cent decline in home prices, according to its latest report Global Residential Cities Index Q4 2020. Prices across 150 cities worldwide increased at 5.6 per cent on average in 2020, up from 3.2 per cent in 2019. The report showed that 81 per cent 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.
About 20 per cent of cities registered double-digit price growth in the year to Q4 2020.
In Q4 2020, residential sales in Hyderabad jumped up by 127 per cent quarter-on-quarter 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 other Indian cities that saw de-growth in home prices below 5 per cent, Bengaluru was ranked at 129th spot with a decline of 0.8 per cent year-on-year followed by Ahmedabad at 143rd rank with a decline of 3.1 per cent, Mumbai ranked 144th with a fall of 3.2 per cent and Delhi was ranked at 146th spot with a decline of 3.9 per cent. Kolkata witnessed a decline in home prices of 4.3 per cent, standing at 147th spot. Some Indian cities which saw degrowth of above 5 per cent were Pune (148th rank) and Chennai (150th rank) with 5.3 per cent and 9 per cent decline respectively in Q4 2020.
The index tracks movement in mainstream residential prices across 150 cities worldwide using official statistics. Ankara in Turkey leads the index Q4 2020 with the highest growth rate of 30.2% followed by Izmir in Turkey and Istanbul in Turkey at 29.4% and 27.9% respectively.