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Prime Global Residential Prices to Rise By 2% in 2021: Knight Frank
Knight Frank in its ‘Prime Global Forecast 2021’ report cited, the prime residential prices across the 22 cities (on average) are expected to remain static in 2020, before rising by 2% in 2021. The prime residential market of Mumbai, though expected to see a flat 0.0%
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Realty Plus
Published - Wednesday, 25 Nov, 2020
Knight Frank in its ‘Prime Global Forecast 2021’ report cited, the prime residential prices across the 22 cities (on average) are expected to remain static in 2020, before rising by 2% in 2021. The prime residential market of Mumbai, though expected to see a flat 0.0% annual price change in 2021 (Dec 20 – Dec 21), is likely to witness a buoyancy in demand for the prime properties.
Shanghai and Cape Town lead the forecast for 2021 with annual price growth of 5% forecast in 2021 whereas Buenos Aires is expected to be the weakest-performing global city, with prime residential prices falling by -8.0% in the same year.
Knight Frank’s research analysis, expects 20 of the 22 cities to see prices remain flat or increase in 2021, a slight reversal of the trend seen in 2020, where analysts expect nine cities to end the year with lower prices. The report tracks the movement in prime prices across 45 cities. A year ago, the index rose at a rate of 1.1% per annum, climbing to 1.6% by the end of September 2020.
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