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New Delhi tops world’s real estate prices growth list

August 05, 2013, 11:19 UTC+3
Analysts place second Brazilian Sao Paulo, which witnessed a 43% increase in real estate prices
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Photo EPA/ITAR-TASS

Photo EPA/ITAR-TASS

NEW DELHI, August 5 (Itar-Tass) - Real estate prices in the Indian capital and its suburbs have grown by 60% from 2011, pushing New Delhi to the top of the global list in that respect, according to Global Property Guide, which collects real estate data from across the world.

This data coincides with the official data on Indian cities, which suggests, however, that Jaipur “has seen an ever faster rise in residential property prices of 67 % over this period,” the Times of India newspaper writes. However, this city is not mentioned in the world rating of Global Property Guide.

Analysts place second Brazilian Sao Paulo, which witnessed a 43% increase in real estate prices. Hong Kong is the third fastest rising market for the same period, which “saw its property prices going up by 33%,” the newspaper writes.

As for the Indian cities, the leaders among them are Pune (49%), Mumbai (27%), Bhopal (38%), as well as Chennai (42%). An average price of one square meter of housing in New Delhi in 2013 is about $2,000.

“In the past two years, for which comparable data is available, only 12 of the 43 countries saw double-digit growth in property prices,” the newspaper said. “Most of these are emerging economies, not surprising given the fact that Europe has been battling the century's worst recession,” it added.

The report said nothing about Russian cities.

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