Hyderabad: Hyderabad is the only Indian city worldwide that showed a rise in the residential price in the fourth quarter of 2020, with a 122nd position with a marginal 0.2 percent year-on-year increase (YoY) in house prices.
In Q4 2020, residential sales in Hyderabad increased quarter-on-quarter by 127 percent to 3,651 units compared to 1,609 units in the third quarter of 2020. This can be mainly attributed to holiday season promotions and the Covid- induced pressure for newer homes with a better layout, thus accommodating the new work requirements from home.
In the latest Global Residential Cities Index Q4 2020 report by Knight Frank, Chennai is the Indian city with the lowest ranking in 150th place, with a nine percent drop in house prices.
Among the other Indian cities which saw the rise in house prices below five per cent, Bengaluru was in 129th place with a decrease of 0.8 per cent YJ, followed by Ahmedabad on the 143rd rank with a decrease of 3.1 percent JJ, Mumbai finished 144th with a drop of 3.2 percent of the year, and Delhi was in 146th place with a drop of 3.9 percent of the year.
Kolkata has seen a decline in house prices by 4.3 per cent year-on-year, which ranks 147th in the table. Some of the Indian cities with a growth of more than five percent were Pune (148th rank) and Chennai (150th rank) with 5.3 percent YY and nine percent YYJ decline respectively in Q4 2020.
Shishir Baijal, CMD, Knight Frank India, said: ‘The performance of Hyderabad’s residential market has remained constant throughout the pandemic, and the city’s real estate market maintains annual price growth in each quarter, until 2020. This performance can be largely attributed to to the city is a preferred destination by professionals of IT / ITeS enterprises. ”
Global pattern
The index tracks the movement in general household prices in 150 cities worldwide using official statistics. Ankara in Turkey leads the Global Residential Cities Index Q4 2020 with the highest growth rate of 30.2 percent, followed by Izmir in Turkey and Istanbul in Turkey with 29.4 percent and 27.9 percent respectively.
Prices in the 150 cities worldwide rose by an average of 5.6 per cent in 2020, compared with 3.2 per cent in 2019. The report emphasizes that 81 per cent of the cities see prices rise in the year to Q4 2020, the annual growth rate of the index increased for the sixth consecutive quarter in Q4 2020. About 20 percent of cities recorded double-digit price growth in the year to Q4 2020.
Source: Telangana Today