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Delhi ranks at 27, Mumbai 33rd globally among fastest-growing prime residential market

BusinessToday.In     November 24, 2020

India's national capital, Delhi has been ranked 27th, while Mumbai and Bengaluru were placed at the 33rd and 34th positions, respectively, in Knight Frank Prime Global Cities Index. The Prime Global Cities Index is a valuation-based index that tracks the movement in prime residential prices in local currency across 40+ cities worldwide.

The report said, "Auckland (13 per cent) leads the index, but what is notable is the resilience of a number of cities including Manila (10 per cent), Seoul (7 per cent), the Swiss cities of Zurich (7 per cent) and Geneva (6 per cent), Stockholm (5 per cent) as well as the recovery of Chinese cities such as Shenzhen (9 per cent) and Shanghai (6 per cent)."

In the April-June report, Bengaluru and Delhi were at 26th and 27th positions, while Mumbai was ranked at the 32nd position. "Delhi's prime residential market performed better than Mumbai and Bengaluru. Globally, the city ranked 27th with a 0.2 per  cent annual price change for the period Q3 2019 Q3 2020; with a decline of 0.1 per cent price change in Q3 2020 compared to the previous quarter," Knight Frank said.

Mumbai was ranked 33rd with 1.3 per cent fall in annual price. The city also saw a decline of 0.7 per cent in prices compared to the June quarter. Bengaluru was ranked at the 34th place with a decline of 1.4 per cent in price year-on-year. The city registered a price decline of 1.5 percent from the June quarter.

All three Indian cities ranked higher than popular destinations like London, New York and Singapore.  

The report stated with travel restrictions in place across much of the world this demand remains primarily domestic in nature.

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