India’s capital Delhi is ranked 27th in the world in terms of price rise of luxury residential property, while Mumbai and Bengaluru are ranked 33rd and 34th respectively. According to a report by Knight Frank, it has come out in the global index seeing the rise in the prices of luxury residential properties. Auckland tops the list in the Australasia region. Its growth during the July-September quarter was 12.9 percent over the same period last year. Manila and Shenzhen are second and third in this list with 10.2 percent and 8.9 percent respectively.
The property consultant has released the Prime Global Cities Index Q3 2020 report on Tuesday. In the second quarter i.e. April-June report, Bengaluru and Delhi were ranked 26th and 27th respectively, while Mumbai was ranked 32nd.
Delhi performs better than Mumbai and Bengaluru
Delhi’s prime residential market has outperformed Mumbai and Bengaluru. Globally, the city ranked 27th with a 0.2 per cent annual price change. According to Knight Frank, there has been a 0.1 percent change in the third quarter of 2020 compared to the previous quarter. Mumbai is ranked 33rd with 1.3 per cent decline in annual price. The city saw a 0.7 percent drop in prices over the June quarter.
Minor correction in prices after lockdown
Bengaluru is ranked 34th with a decline of 1.4 per cent on an annual basis. The city has seen a 1.5 percent drop in prices since the June quarter. Knight Frank India CMD Shishir Baijal said that after the slight improvement in prices after the lockdown in the Indian real estate sector, people are getting attracted to the luxury market.
Baijal further said that buyers are taking a positive turn towards residential shopping including luxury in different segments. Sale prices have improved during the last few quarters, which has made it attractive to invest in property. Prime prices have been seen in 45 cities in the report.