Bengaluru slips 4 spots to rank 40th globally in price rise of luxury homes: Report
PTI, May 6, 2021, 3:57 PM IST
Credit: iStock Photo
New Delhi: Bengaluru has slipped four positions to rank 40th globally in annual price appreciation of luxury residential properties, according to real estate consultant Knight Frank.
In its ”Prime Global Cities Index Q1 2021” report, Knight Frank mentioned that New Delhi and Mumbai, too, slipped one spot each to rank at 32nd and 36th, respectively.
In the last report, Delhi was at 31st position, while Mumbai ranked 35th and Bengaluru 36th.
Bengaluru witnessed a fall of 2.7 per cent year-on-year (YoY) in prime residential prices during January-March 2021, leading to a fall in its ranking on the global list.
In New Delhi, the prices fell marginally by 0.2 per cent YoY to an average price of Rs 33,572 per sq ft in Q1 2021.
Mumbai’s prime residential market registered a decline of 1.5 per cent YoY in the January-March quarter with an average price of Rs 63,758 per sq ft.
Prime residential property is defined as the most desirable and most expensive property in a given location, generally defined as the top 5 per cent of each market by value.
The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential prices in local currency across 45+ cities worldwide.
Shenzhen ranked 1st with 18.9 per cent annual change for the period Q1 2020 – Q1 2021.
New York was the weakest performing market and ranked 46th with a fall of 5.8 per cent in prices annually.
Knight Frank India CMD Shishir Baijal said, “The decline in prices of prime residential properties in India during the first quarter of 2021 can be attributed to multiple factors such as uncertainty around the second wave of the pandemic, high liquidity in capital markets, as well as the backlog of supply.”
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Katapadi: Dangerous potholes along NH-66 pose threat to commuters
Karnataka CM directs officials to submit proposal for gold chariot for Goddess Chamundeshwari
Puttur: Abandoning labourer’s body — three, including prime accused, arrested
Dr. D. Veerendra Heggade sets record for ‘Largest Single-Man Collection of Antiques’
Bantwal: Three arrested in Thumbe temple theft case
MUST WATCH
Latest Additions
Wanted to kill Ajmal Kasab who caused so much of pain, recalls 26/11 terror attack victim
Two retired revenue officials among four arrested in land grabbing case in Jammu
Kerala govt to revise manual for junior doctors, house surgeons
State can interfere with religious practices if they impede development, equality rights: SC
Four cheers at MP’s Kuno park; cheetah Neerva gives birth to cub quartet
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.