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New Delhi 9th fastest-growing prime residential market globally: Knight Frank

2019-11-20

International property consultant Knight Frank, in its latest report Prime Global Cities Index, has ranked New Delhi as the 9thfastest 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 (Q3 2019). Bengaluru (2.1per cent) and Mumbai (0.8 per cent) were ranked 20thand 28thon the list, respectively.

While New Delhi and Mumbai have moved up by one and two places, respectively, from 10thand 30thranksin Q2 2019, Bengaluru has slipped five places from 15th rank in Q2 to 20th rank in Q3 2019.?

New Delhi saw a 4.4 per cent rise in weighted average capital value of prime residential properties to Rs33,511 per sq ft in Q3 2019, while Bengaluru, comprising areas such as Richmond Town, Frazer Town, Sanjay Nagar, Langford Town, Lavelle Road, Vittal Mallya Road, Palace Road, Kasturba Road, Seshadripuram, Richmond Road, MG Road, Ulsoor, Cunningham Road, Infantry Road, Benson Road and St. Johns Road, recorded a 2.1 per cent rise in capital value to about Rs 19,709 per sq ft.

Mumbai, comprising areas such as Cuffe Parade, Napean Sea Road, Colaba, Lower Parel, Worli, Tardeo, Juhu, Bandra Kurla Complex (BKC), Santacruz (W), Bandra (W), Khar (W) and Prabhadevi, registered a 0.8 per cent increase in average capital value to Rs 64,775 per sq ft.

KNIGHT FRANK PRIME GLOBAL CITIES INDEX Q3 2019

(Ranked by annual % change)

Rank	City	World Regions	12-month % change	3-month % change
1	Moscow?	Russia & CIS	11.1%	1.3%
2	Frankfurt?	Europe	10.3%	0.0%
3	Taipei?	Asia	8.9%	1.4%
4	Manila?	Asia	7.4%	3.0%
5	Berlin?	Europe	6.5%	0.0%
6	Guangzhou?	Asia	6.2%	1.8%
7	Geneva?	Europe	5.6%	0.2%
8	Zurich?	Europe	4.5%	0.8%
9	Delhi?	Asia	4.4%	0.0%
10	Madrid?	Europe	4.2%	1.0%
20	Bengaluru?	Asia	2.1%	0.5%
28	Mumbai?	Asia	0.8%	0.0%
45	Seoul?	Asia	-12.9%	-1.5%

Moscow leads the index this quarter with prime home prices rising by 11.1 per cent over the 12 months to September 2019, followed by Frankfurt (10.3 per cent) and Taipei (8.9 per cent). Seoul was the weakest-performing global city in the year to September, with l