The report further said that Bengaluru and Mumbai’s residential price is expected to grow by 3-5 percent.
Mumbai and Bengaluru have registered among the top 5 best-performing Asia-Pacific residential markets in terms of annual price growth in H2 2022, according to a report by Knight Frank.
In the report, Asia-Pacific Residential Review Index for H2 2022, Mumbai and Bengaluru shared the fourth position on the Asia-Pacific Residential Review Index as both registered a price growth of 7 percent year-on-year (YoY) in H2 2022. Delhi, another key residential market of India, found a place in the top 10 best-performing APAC markets with price growth of 6.8% YoY in H2 2022.
The vast Asia Pacific region – commonly referred to as APAC – is a part of the world defined by its proximity to the Western Pacific Ocean, typically including much of East Asia, South Asia, and Oceania.
According to the review index, 14 out of 23 APAC cities have recorded positive annual price growth with Metro Manila ranked as the best-performing Asia-Pacific market with 24 percent year-on-year (YoY) growth.
Additionally, the report predicted that Bengaluru’s residential prices are expected to grow in the range of 3-5 percent. Mumbai and Delhi’s residential prices are expected to grow in the range of 3-4 percent and 2-3 percent respectively.
“Despite the Reserve Bank of India raising policy rates by a cumulative 225 bps in 2022, residential demand in the country has not only remained resilient but surged to a nine-year high in terms of annual sales in 2022. H2 2022 is second only to H1 2022 in terms of being the half-yearly period with the highest sales in nine years,” Shishir Baijal, Chairman & Managing Director, of Knight Frank India said.