Mumbai, B'luru among best performing APAC residential markets: Knight Frank

Mumbai and Bengaluru are among five best performing residential markets in Asia Pacific in terms of annual price growth with 7 per cent increase in rates in both the cities, according to Knight Frank.

In its Asia-Pacific Residential Review Index, real estate consultant Knight Frank said that Mumbai and Bengaluru have found place in the top five best performing Asia-Pacific residential markets in terms of annual price growth in H2 (second half) of 2022.

As many as 14 out of 23 Asia-Pacific (APAC) cities have recorded positive annual price growth with Metro Manila ranked as the best-performing Asia-Pacific market with 24 per cent year-on-year (YoY) growth.

Singapore was at second position with 9.3 per cent growth in price, while Tokyo ranked third with 9 per cent appreciation in residential prices.

"Mumbai and Bengaluru shared the 4th position on the Asia-Pacific Residential Review Index as both registered a price growth of 7 per cent YoY (year-on-year) in H2 2022. Delhi found a place in the top 10 best performing APAC markets with price growth of 6.8 per cent YoY in H2 2022," the consultant said.

Prices in the residential markets of Bengaluru, Mumbai and Delhi are expected to grow moderately in the next 12 months, it added.

Bengaluru's residential prices are expected to grow in the range of 3-5 per cent. Mumbai and Delhi's residential prices are expected to grow in the range of 3-4 per cent and 2-3 per cent, respectively.