Delhi ranks 27th, Mumbai 33rd globally as fastest-growing prime residential market: Report

Bengaluru was ranked at the 34th place with a decline of 1.4 per cent in price year-on-year

India's national capital has been ranked 27th, while Mumbai and Bengaluru were placed at the 33th and 34th positions respectively in a global index that measures annual price appreciation of luxury residential properties, according to a Knight Frank report.

Auckland in the Australasia region topped the index with 12.9 per cent price appreciation in the July-September quarter, compared to the same period last year.

Manila and Shenzhen were at 2nd and 3rd positions respectively with 10.2 per cent and 8.9 per cent price rise.

The property consultant on Tuesday released its Prime Global Cities Index Q3 2020 report.

In the Q2 (April-June) report, Bengaluru and Delhi were at 26th and 27th positions, while Mumbai was ranked at the 32nd position.

"Delhi's prime residential market performed better than Mumbai and Bengaluru. Globally, the city ranked 27th with a 0.2 per cent annual price change for the period Q3 2019 – Q3 2020; with a decline of 0.1 per cent price change in Q3 2020 compared to the previous quarter," Knight Frank said.

Mumbai was ranked 33rd with 1.3 per cent fall in annual price. The city also saw a decline of 0.7 per cent in prices compared to the June quarter.

"With the modest price correction in the Indian real estate sector, post-lockdown, the luxury market has seen significant traction," Knight Frank India CMD Shishir Baijal said.

Baijal further said "buyers are responding favourably to residential purchase across segments including luxury as sale prices have corrected in the last few quarters making investment in property attractive".

The report tracks the movement in prime prices across 45 cities.

"A year ago, the index rose at a rate of 1.1 per cent per annum, climbing to 1.6 per cent by the end of September 2020," the consultant said.