The price of premier real estate will likely increase by 2% globally in 2023.
In Q3 2022, average yearly prices increased in Mumbai, Bengaluru, and New Delhi. According to Knight Frank India’s “Prime Global Cities Index Q3 2022” study, average prices increased in Mumbai by 4.8% year over year (YoY), Bengaluru by 3.3% YoY, and New Delhi by 5.0% YoY. (1.2 per cent YoY). Strong market mood in these locations, accessibility, and cheap interest rates compared to 2019 are all reasons for the increase.
The top cities index worldwide
The Prime Global Cities Index Q3 2022 had an average annual increase of 7.5% in Q3 2022, down from a peak of 10% in Q1 2022, according to Knight Frank’s research report. Using Knight Frank’s extensive global research network, the Prime Global Locations Index tracks changes in prime home values in local currency across 45+ cities globally. Mumbai increased its position from 39th in Q3 2021 to 22nd in Q3 2022. Bengaluru and New Delhi also saw an improvement in their index rankings, moving from 41st and 38th place in Q3 2021 to 27th and 36th place in Q3 2022.
Forecast for 2023
In a separate research titled “Prime Worldwide Residential Forecast for 2023,” published by Knight Frank India, it was said that a two percent increase in global prime property values is anticipated in 2023, down from the six-month-old prediction of a two percent increase.
