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Property prices dropped in 2020

03 Feb 2020

In 2019, Mumbai was 28th fastest increasing prime residential market, 80bps registration and annual increase in average capital value, so the rates were constant in the city.

All the way it looks like the total process that has slowdown has overflowed the economy and hit Mumbai, the nation's costliest property market, as well, with prices after remaining stable in 2019 were seen falling marginally in year 2020. Today real-estate websites like 3BRICK.com [real-estate website and android app, where end users can search for property and submit their own offer price against the builders quote].

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Mumbai real estate market always aims towards its price stability and over 2.21 lakh ready-to-move-in units are unsold as of September-2019. The city has seen 12.7 valuing in expensive properties in the past years.

3BRICK.com team studied on the average capital value of most desirable and expensive property in the megapolis is around Rs 65k per sqft that would be the most expensive city for buying luxury properties.

According to the report, "Capital appreciation of both prime residential properties, and luxury homes in locations such as Lower Parel, Worli, Tardeo, Santacruz (W), Bandra (W), Khar(W) and Prabhadevi are about to downturn in 2020 by 1%.

Mumbai holds seventh rank in the list of global cities in terms of expected rise in price value of luxuries properties.

As per the report, it is expected that there should be slight decrease for demand and sale of expensive property, and in this case the supply of desirable and expensive property is approximately to fall specially next year.

Since 2010, Mumbai has seen property rates increased around 12% for both Prime and Luxury properties. Highlighted changes are seen in index of expensive residential property prices for all 45 cities are recorded in the index averaged 1.1 percent in Q3, growing at the very slowest rate in previous years," the study says. 

Paris leads the expensive residential forecast for 2020 with 7% of price growth, which is followed by Berlin and Miami tied with more than 4% percent gain for each. Geneva and Sydney with a tie up at 3rd place, with an expected price growth of more than 3% each.