Mumbai-Bengaluru included in top 10 best performing residential markets of APAC: Report

Bengaluru and Mumbai have been ranked eighth and ninth respectively in terms of annual value growth in residential markets in the Asia-Pacific region (APAC) in the second half of 2023.

This information was given in a report. Real estate consultancy firm Knight Frank has said in its report for July-December, 2023 that Bengaluru and Mumbai have emerged as the top 10 best performing residential markets in the Asia-Pacific region in terms of annual price growth.

The consultancy firm said in the statement that 21 out of 25 cities in Asia-Pacific recorded positive annual price growth in this half. Singapore was the best performing Asia-Pacific market with annual value growth of 13.7 percent.

During this period, Bengaluru ranked eighth in the Asia-Pacific Residential Review Index with a price growth of 7.1 percent annually, whereas Mumbai is at ninth position with a price increase of seven percent. Delhi-NCR is at 11th position with an annual price increase of six percent during this period.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, "Despite rising mortgage rates and property prices in 2023, demand for residential property in major cities of India is at the highest level in a decade." Has reached. Due to the expected softening of interest rates and relatively strong economic growth, residential demand is expected to remain strong in the year 2024 also.