New Delhi Is World’s Ninth Fastest Growing Prime Residential Market: Knight Frank Report
India's national capital moved one place higher to become ninth fastest-growing prime residential market in the world, while Bengaluru slipped five slots to 20th position in the latest list, according to a report.
Mumbai has been ranked at 28th position, up two ranks from 30th for the second quarter of 2019 calendar year.
Global property consultant Knight Frank on Tuesday released its report 'Prime Global Cities Index' for the third quarter this year. It tracks the movement in prime residential prices in local currency across 45 cities worldwide.
Moscow leads the index this quarter with prime home prices rising by 11.1 percent over the 12 months to September 2019, followed by Frankfurt (10.3 percent) and Taipei (8.9 percent). Seoul was the weakest-performing global city in the year to September, with luxury home prices falling by 12.9 percent.
The consultant said that New Delhi has been ranked as the ninth fastest growing prime residential market in the world, with average luxury home prices in areas such as Greater Kailash, Vasant Vihar, Anand Niketan, Defence Colony and Green Park rising by 4.4 per cent year-on-year in the third quarter of 2019.
Bengaluru and Mumbai were ranked 20th and 28th, respectively, on the list. In the previous list for second quarter, New Delhi and Mumbai were at 10th and 30th positions, respectively, while Bengaluru was ranked 15th.
New Delhi saw a 4.4 percent rise in the weighted average capital value of prime residential properties to Rs 33,511 per square feet in the third quarter of 2019.
Bengaluru recorded a 2.1 percent rise in capital value to about Rs 19,709 per square feet Mumbai registered a 0.8 percent increase in average capital value to Rs 64,775 per square feet .
"While Delhi and Mumbai have moved up in their rankings, luxury home prices have remained stable in both the cities in the past three months," said Shishir Baijal, chairman and managing director, Knight Frank India.
In India, he said, all the policy initiatives have been focused on boosting the development of affordable and mid-income housing, which has left the luxury property development a game for well-funded and organised firms to play.
Headquartered in London, Knight Frank has more than 19,000 people operating from over 512 offices across 60 markets. In India, it is headquartered in Mumbai and has more than 1,400 experts across major cities.