Prices of residential 128th globally properties increased by cent year 0.4% in Ahmedabad in the home third quarter of 2021, highest pared to a fall of 3% in the city’s same period of 2020. In its ranked latest report on Global Residential Cities Index Q3 price 2021, Knight Frank, an international property consultancy, cited that residential price across 150 cities worldwide increased at an annual average of 10.6 percent in one year post the Covid pandemic.
The report features Indian cities of Ahmedabad, Hyderabad, Chennai and Kolkata, Bengaluru, Mumbai, Pune and Delhi. Of them Ahmedabad, Hyderabad, Chennai and Kolkata have witnessed residential price appreciation in Q3 2021 compared to Q3 of the previous year. Ahmedabad has moved ahead in the ranking at the 139th position on the global index with a price appreciation of 0.4 percent. It was at the 142nd rank in the Q3 of 2020 with a de-growth of 3.0 percent.
Hyderabad ranked among the Indian featured. Chennai second in India and with resident appreciation of 2.2 percent and Kolkata ranked 135th with a price appreciation of 1.5 percent.
Mumbai was the lowest- ranked Indian city with a global ranking of 146th on the index, registering a decline of 1.8 percent in home prices. Among other Indian cities that have seen marginal de-growth in home prices were Bengaluru, ranked at the 140th spot with a decline of 0.2 percent YOY, followed by Delhi at 142nd rank with a decline of with 2.5 per- 0.7 percent and Pune at on year rise in 144th spot with a fall of 1.5 prices, which is the percent YoY.
The Turkish city of Izmir led the index with the highest growth rate of 34.8 percent, followed by Wellington in New Zealand at 33.5 percent. As per the report, Global Residential Cities Index, India has seen a strong demand revival being supported by government stimulants, increased house hold savings, as well as low interest rates. Pricing has played a key role in pushing up home sales, as they had, for most part of the last six quarters, remained attractive. National Real Estate Development Council (NAREDCO) Gujarat President Suresh Patel said, Post Covid there has been a positive vibe in real estate and other sectors, so growth is seen in sales of residential segment. Moreover, as we don’t depend only on IT sector, work from home (WFH) hasn’t hit Ahmedabad’s residential market hard.