Delhi ranks as 10th fastest growing market globally: Knight Frank

Delhi is the 10th fastest growing prime market globally on Knight Frank's Prime Global Cities Index.

The capital region, by virtue of its limited supply of luxury properties, saw a 4.4 per cent rise in weighted average of capital values.

The index tracks the movement in luxury residential prices across 46 cities globally. Luxury residential prices have overall registered an average increase of 1.4 per cent in the year to June period.

Although Berlin leads the index, its rate of annual growth has slowed from 14.1 per cent in March to 12.7 per cent in June. Frankfurt, by comparison, has seen its annual price growth increase from 9.6 per cent to 12 per cent over the same period.

Thirty-five of the 46 cities tracked by the index (76 per cent) registered price growth in the year to June. Of the 11 that saw prices decline year-on-year, Istanbul (minus 9.9 per cent) and Vancouver (minus 13.6 per cent) were the weakest markets.

Sluggish economic growth explains the wave of interest rate cuts evident in the last three months as policymakers try to stimulate growth.

"Much hinges on the next three months with stronger headwinds on the horizon. We expect the index to moderate further in the second half of 2019 before strengthening in 2020," said the research report.