A report by real estate consultancy Knight Frank revealed that Mumbai and Bengaluru were among the top 10 cities in the Asia-Pacific region with the highest increase in residential prices in the second half of 2023. Additionally, the National Capital Region (NCR) ranked 11th out of 25 countries in the region.
Bengaluru experienced a 7.1% year-on-year rise in home prices, securing the eighth position, while Mumbai followed closely with a 7% increase, placing it at ninth. Meanwhile, NCR witnessed a 6% Y-o-Y growth, positioning it at 11th. Remarkably, Mumbai, NCR, and Bengaluru collectively accounted for 60% of the total sales volume across India in 2023.
"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," said Shishir Baijal, chairman and managing director, Knight Frank India.
In the region, Singapore saw the highest price rise of 13.7 per cent. It was followed by 12.8 per cent in Perth and 12.1 per cent in Brisbane.
"Notable performers such as Singapore, Sydney, Brisbane, Perth, Manila, Delhi, and Bengaluru have benefited from factors like the wealth effect, demand exceeding supply, and optimistic economic growth prospects," said Kevin Coppel, managing director at Knight Frank Asia-Pacific.
