New Delhi: Chennai witnessed the worst depreciation in housing prices during October-December 2020 among the 150 countries surveyed by real estate consultancy firm Knight Frank.
According to Knight Frank’s Global Residential Cities Index Q4 2020, all the major Indian cities witnessed a similar depreciation. However, Hyderabad is the only exception.
“Chennai was the lowest-ranked Indian city at the 150th spot, registering a 9 per cent decline in home prices during October-December 2020 as compared to the corresponding period of the previous year,” Knight Frank said in a statement on Thursday.
Like Chennai, Bengaluru saw a decline of 0.8 per cent over a year ago period, followed by Ahmedabad 3.1 per cent, Mumbai 3.2 per cent, and Delhi 3.9 per cent.
Similarly, Kolkata witnessed a year-on-year decline of 4.3 per cent in home prices, while Pune fell 5.3 per cent and was placed at the 148th spot.
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Globally, Dubai was at the 149th place with 7.1 per cent depreciation.
On the other hand, Ankara (Turkey) ranked first with an annual price appreciation of 30.2 per cent, followed by Izmir in Turkey with a 29.4 per cent increase and Istanbul with a 27.9 per cent rise.
