In the Knight Frank Prime Global Cities Index for the second quarter of 2021, Delhi has been identified as the 37th in terms of prime residential prices, moving down five spots from the previously held 32rd position. Mumbai, on the other hand, has dropped four places to rank 40th.
The Index tracks the movement prevalent in prime residential prices in over 45 cities across the globe, by leveraging Knight Frank’s research network. The latter is a residential and property consultant firm.
The most desirable and expensive residential real estate in a location, generally the top 5 percent in market value, is identified as a “Prime” residential property.
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As per the report, Delhi witnessed a nominal Y-o-Y drop of 0.2 per cent in residential prices during the said period, which led to the drop in its global position. The premium micro-markets of Delhi, however, remained unchanged to report an average price of Rs. 33,572 a sq ft.
Bengaluru, on the other hand, dropped 2.7 per cent in annual capital value to clock an average price of Rs. 19,200 for per sq ft of land. In the meantime, Mumbai declined 1.1 percent, consequently reporting an average price of Rs. 63,697.
As many as 35 cities witnessed a rise in prices in the April-June quarter when compared with the year-ago period, the study claims.
Notably, Toronto has been identified as the number one city in the world in terms of prime residential property prices under the index with a hike of 27 per cent. The mean annual price increase reported in prime property prices was close to 16 per cent, the highest among the six North American cities tracked in the index.
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Strong buyer appetite for residential property, buyer interest in larger homes and interest rates are some of the parameters used to determine the then real estate prices.
