New Delhi: Bengaluru is India’s fastest growing prime residential market, followed by Delhi and Mumbai, according to a report published by a leading international property consultancy Monday.
A prime residential property is defined as the most desirable and most expensive property in a given location.
Knight Frank India’s Prime Global Cities Index Q2 2020 report states that Bengaluru has registered a rise of 0.6 per cent in prime home prices in one year (between June 2019 and June 2020) out of 45 cities across the world. It has been placed as the world’s 26th fastest growing prime residential market in terms of annual price appreciation.
Delhi and Mumbai follow closely at 27th and 32nd positions respectively.
Mumbai, however, has registered a decline of 0.60 per cent with an average price of Rs 64,388 per sq ft, the report said. The national capital, meanwhile, recorded a rise of 0.30 per cent in terms of annual capital value, to an average price of Rs 33,625 per sq ft. In Bengaluru, the average price was Rs 19,727 per sq ft.
While Bengaluru and Delhi have registered zero per cent increase during the last three months of lockdown, Mumbai has registered a 0.5 per cent decline in prime property prices.
Knight Frank’s report was prepared by tracking the movement of prime residential prices, in local currency, across more than 40 cities worldwide.
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Lowest growth in 11 years
The annual increase in prices of prime residential properties has been the lowest in 11 years this June owing to the pandemic and worsening economic situation, the report said.
“The index, an unweighted average of the change in prime prices across 45 cities, has reached its lowest rate of annual growth since Q4 2009 when the world was in the grip of the global financial crisis. Prices increased by 0.9% on average in the year to June 2020, down from 2.3% in March,” said the report.
The pandemic has affected prime residential markets in Europe and Asia too, which have seen a large number of Covid-19 cases. Of the 20 cities that saw prime prices decline in the second quarter, nine are in Europe, seven in Asia, two in Australasia, and one each in the Middle East and Africa.
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