Average prices of prime properties in Delhi up 4% in July-September: Report

The average prices of prime properties in the capital witnessed a 4.4 per cent growth in the July-September quarter of 2019, compared to the same period last year, according to a report by Knight Frank.

The report said that Delhi globally ranked ninth in terms of growth in the prices of high-end property. In the second quarter of 2019, Delhi ranked 10th in the global property consultant's survey.

In its latest report, Prime Global Cities Index, Knight Frank has noted that in areas such as Greater Kailash, Vasant Vihar, Anand Niketan, Defence Colony and Green Park of Delhi, the weighted average capital value of prime residential properties rose by 4.4 per cent year-on-year to Rs 33,511 per square feet during the quarter under review.

Commenting on the the survey, Shishir Baijal, Chairman and Managing Director, Knight Frank India said: "While Delhi and Mumbai have moved up in their rankings, luxury home prices have remained stable in both the cities in the past three months. Delhi's prime residential market, which is characterised by its tight supply, had witnessed a growth of 4.4 per cent in the March 2019 quarter."

Bengaluru and Mumbai, with price rise of 2.1 per cent and 0.8 per cent in terms of prime residential properties, were ranked 20th and 28th on the list, respectively. Moscow leads the list with prime home prices rising by 11.1 per cent over the 12 months to September 2019, followed by the German city of Frankfurt (10.3 per cent) and Taipei (8.9 per cent).

Seoul was the weakest-performing global city in the year till September, with luxury home prices falling by 12.9 per cent, the report said.