Real Estate Stocks Surge After Knight Frank Report On Rising Residential Prices
Dubai has the most expensive residential real estate globally, with a price rise of 44.2% YoY in first quarter of 2023.
Shares of real estate companies advanced in trade on Tuesday after a recent Knight Frank report showed that residential real estate prices in Mumbai, Bengaluru, and Delhi had increased on an annual basis in the first quarter of the current calendar year.
Prices for residential properties jumped 5.5%, 3%, and 1.2% year-on-year in Mumbai, Bengaluru, and Delhi, respectively.
Mumbai has climbed from the 38th position to the sixth position, according to the report. Similarly, Bengaluru and New Delhi also witnessed an upward movement in the index ranking to 16th and 22nd, respectively, from their previous 37th and 39th ranks in Q1 2022.
Additionally, Dubai has the most expensive residential real estate globally, as it took the top position with a price rise of 44.2% YoY in the January-March 2023 quarter.
Shares of real estate companies were trading higher on Tuesday as the NSE Nifty Realty rose 2.94%, as compared with a 0.65% advance in the NSE Nifty 50.
Eight out of the 10 constituents compiled by the gauge advanced, whereas Mahindra Lifescape Developers Ltd. and Phoenix Mills Ltd. declined in trade.
Macrotech Developers Ltd., Sobha Ltd., and Godrej Properties Ltd. gained nearly 3% in trade.
