Ahmedabad, Hyderabad Among Top 15 Global Cities Where Property Prices Grew
An overall lull in India’s property markets notwithstanding, rates of property in some Indian have seen substantial growth, shows a report by a global property consultant. This report has listed Ahmedabad and Hyderabad in the list of 15 global cities where property rates have undergone considerable growth.
In a list of 150 cities, Ahmedabad is placed at number five while Hyderabad is positioned at the 11th spot.
12-month % change
This list is topped by Hungary’s capital Budapest where property prices increased 22.9 per cent between the fourth quarter (Q4) of the financial year 2017 (FY17) and Q4 FY18. Occupying the second position is Xi’an in China where price growth was recorded at 22.4 per cent during the same period. Rotterdam in the Netherlands and Porto in Portugal registered a growth of 15.7 per cent and 15.6 per cent, respectively, while Ahmedabad recorded a healthy growth of 15.4 per cent during the period.
Qingdao, Amsterdam, Zagreb, Utrecht, Chongqing, Changsha, Izmir, Wuhan and Seoul are other cities that have made it to the top 15 list.
The overall growth rate, however, remained muted.
“Some 79 per cent of countries saw prices increase in 2018, down from 87 per cent in 2017 and the index grew by 4.3 per cent in 2018, down from 4.5 per cent last quarter,” notes the report.
Region-wise Europe and Asia are the peak performers.
Also Read: Popular Residential Localities In Ahmedabad
Almost all major Indian cities have found a mention in the report. While Bengaluru is placed at the 37th spot with price growth of 6.6 per cent, Pune occupies the 86th spot with price growth of 2.9 per cent. Financial capital Mumbai saw only 1.9 per cent growth and holds the 98th position while Chennai and Nagpur are placed at 109th and 110th positions, respectively. In both the cities, prices have increased one per cent during the said period.
Surat, Kolkata and Delhi have also found a mention in the report, despite the fact that property rates in Surat remained unchanged while they fell up to two per cent in Kolkata and Delhi.
Small city Nagpur makes it big
Despite being a comparatively smaller city, Nagpur has made it to this list that rates global giants. What has made that possible?
The Nagpur Metro may have a lot to do with that. In March, a 13.5-km stretch connecting Khapri with Sitaburdi was thrown open for public. The entire project is likely to be completed by 2022.
For a city that is counted among the developing cities in world where there is a vast scope for trade, industrial development and investment, the Metro network would provide the push the city real estate needs.
Another reason behind the price growth is the affordability factor. As it stands now, property in Nagpur is cheap when compared to other big cities such as Mumbai and Pune; from hereon, it can only grow.
Easy availability of land and affordable rates are also encouraging developers to take up new projects in Nagpur. Several new projects have, for instance, been launched in Pratap Nagar, Prithviraj Nagar and Wardha Road, etc.
Source: Global Residential Cities Index - Q4 2018