Luxury residential market of Mumbai is likely to see a price decline of 5% in the year 2020 owing to the impact of Covid-19 on luxury residential property markets around the world. For the year 2021, Mumbai's prime residential prices are expected to witness an additional decline of 3%, showed data from Knight Frank India.
Mumbai's luxury housing market ranked 33rd with 0.1% rise during the 12-month period ending March. The city registered 0.1% price decline sequentially in the first quarter of 2020. Delhi prime residential market ranked 32nd with 0.4% annual price change for the 12-month period.
Bengaluru's market performed better than Mumbai and Delhi. Globally, the city ranked 27th with 1.4% annual price change for the period; also witnessing 0.1% sequential price change.
"The impact of COVID- 19 is far reaching for most global markets which is reflected in the outlook for the prime residential segments. India's key markets will also be faced with the uncertainty mostly due to a significant erosion of confidence amongst buyers across spectrum," said Shishir Baijal, Chairman and Managing Director at Knight Frank India.
However, he believes this also presents an opportunity for serious buyers with adequate liquidity to enter the real estate segment in India and across the world as values would be attractive.
According to the Knight Frank report, Lisbon, Monaco, Vienna and Shanghai are the only four global prime residential markets set to see price growth throughout the remainder of 2020.
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