Property prices in Delhi, Mumbai on the skids: PwC
17 Jan 2012
New Delhi and Mumbai, two of the world's most expensive real estate markets till recently, have dropped greatly in value this year, a survey of property prices in the Asia-Pacific region led by accounting and consultancy firm PricewaterhouseCoopers finds.
Mumbai slid to 15th position and New Delhi to 12th in PwC's annual list of the foremost real estate investment markets in the region. Last year Mumbai had been ranked third and New Delhi fifth.
The report titled Emerging trends in Real Estate Asia Pacific 2012, prepared jointly by PwC and the Urban Land Institute (ULI), says prices in the two cities have dropped due to inflationary pressures.
Sydney has replaced Mumbai as the third-most preferred destination for property investors, followed by the fast-growing Chinese city of Chongqing, with Beijing in fifth position.
Singapore and Shanghai have retained their first and second ranking respectively as property investment hotbeds.
The report, which provides an outlook on Asia-Pacific real estate investment and development trends, said the economic problems in the US and Europe "are weighing upon local economies across the Asia-Pacific region as well as the investor sentiment in Asia and Australian real estate markets."