Luxury housing rates up 4.4% in Delhi; national capital ranked 10th globally in price rise

India's national capital was ranked 10th globally in price movement of luxury housing properties, with rates rising by 4.4 per cent annually during the second quarter of 2019, according to property consultant Knight Frank.

Bengaluru with a price rise of 2.8 per cent and Mumbai at 0.8 per cent increase were at 15th and 30th position, respectively, in a list of 46 cities globally, the consultant said in its Prime Global Cities Index report.

Delhi slipped three places in the overall ranking in the second quarter of 2019 from the 7th position in the first quarter 2019 to 10th position in the second quarter 2019, it said in a statement.

Knight Frank ranked "New Delhi as the 10th fastest growing prime market in the world with an annual capital value growth of 4.4 per cent in second quarter of 2019".

"New Delhi, by virtue of limited supply of luxury properties, saw a rise in weighted average of capital values which were recorded at Rs 33,511 per sq ft recording an annual rise of 4.4 per cent," the statement said.

The index highlighted that luxury residential prices have registered an average increase of 1.4 per cent in the year to June 2019 period.

Berlin continues to lead the index, however, its rate of annual growth has slowed from 14.1 per cent in March 2019 to 12.7 per cent in June 2019.

Frankfurt with 12 per cent price rise stood at second. Moscow slipped to third rank in the second quarter of 2019.

As many as 35 out of 46 cities registered price growth in the year to June 2019. Among, the eleven that saw prices decline, Istanbul (-9.9 per cent) and Vancouver (-13.6 per cent) were the weakest markets.

Bengaluru, which featured at the 15th place as compared to 20th spot in the first quarter of 2019, recorded a weighted average capital value of prime markets at about Rs 19,000 per sq ft. Mumbai recorded a weighted average capital value for prime properties at Rs 64,764 per sq ft.