With Covid-19 taking a toll on residential property markets around the world as sales volumes tumble, the prime residential market of Mumbai is expected to see a price fall of 5 per cent this year.
According to Knight Frank’s Prime Global Residential Forecast, in 2021 Mumbai's prime residential market is expected to witness a price decline of 3 per cent.
In the first quarter of this year, Bengaluru's prime residential market performed better than Mumbai and Delhi.
Globally, the city ranks 27th with 1.4 per cent annual price change for the period Q1 2019 - Q1 2020. Delhi ranks 32nd with 0.4 per cent annual price change for the period Q1 2019 - Q1 2020.
Mumbai ranks 33rd with 0.1 per cent annual change for the period Q1 2019 - Q1 2020. Prices have stagnated in the high end segment in all the three cities on account of inventory pressure and low demand.
The problems of an already challenging economic environment are now aggravated by the Covid-19 pandemic and keep price growth weak.
(Q1 2019 – Q1 2020)