Publication: The Times Of India Delhi; Date: Aug 5, 2013; Section: Front Page; Page: 1 Delhi leads world in real estate price rise: Study Jaipur Tops In India, Shows Local Data Atul Thakur TIMES INSIGHT GROUP. India has witnessed the sharpest appreciation in real estate prices in the last couple of years, according to data from the Global Property Guide, an organisation which collates real estate data from across the world. Property prices in Delhi witnessed the steepest rise of roughly 60%, when compared to cities from 43 other countries, for which figures were available from that organisation. Interestingly, while this data set has information only for Delhi in India, official data on Indian cities suggests that Jaipur has seen an ever faster rise in residential property prices of 67% over this period. Delhi’s 60% rise in property prices over the past two years is nearly 20 percentage points higher than Brazil’s Sao Paulo, which is the second fastest rising international property market. From the first quarter of 2011 to Q1-2013, Sao Paulo, the largest city in the Americas in terms of population, witnessed a 43% increase in real estate prices. Hong Kong, the third fastest rising market for the same period, saw its property prices going up by 33%. Dubai also appears to be in a recovery phase after the bust of its early 2000s property bubble. Only 12 of 43 nations see big growth in realty In the past two years, for which comparable data is available, only 12 of the 43 countries saw double-digit growth in property prices. Most of these are emerging economies, not surprising given the fact that Europe has been battling the century’s worst recession. Other countries where property prices went up by more than 10% are Turkey, Estonia, Philippines, Norway, Iceland, Indonesia, South Africa and New Zealand. The data indicates that property prices in America, the world’s largest real estate market, are increasing as its economy recovers. The US real estate market saw prices appreciating by 9% between Q1-2012 and Q1-2013 after declining over the previous year. Similarly, Beijing’s property prices too registered 8% growth during Q1-2012 to Q1-2013 after dropping in the previous year. In India, nearly all cities have witnessed an upswing in property prices. RESIDEX, the National Housing Bank’s property price index, indicates that only two of the country’s 15 big cities have witnessed a fall in property prices since 2007 — the base year of the index.
Posted on: Tue, 06 Aug 2013 10:45:09 +0000
Trending Topics
Recently Viewed Topics
© 2015