You are here: Home » Economy & Policy » News
Business Standard

Delhi is India's fastest-growing hotspot for luxury homes, shows report

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

Topics
luxury homes | Real Estate  | Delhi

Press Trust of India  |  New Delhi 

Photo: Bloomberg
Mumbai was ranked 33rd in the global index 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 | Photo: Bloomberg

ranks 27th, while and are 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, and were at 26th and 27th positions, respectively, while was ranked at the 32nd position.

“Delhi’s prime residential market performed better than and 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.

chart

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.

Bengaluru was ranked at the 34th place with a decline of 1.4 per cent in price year-on-year. The city registered a price decline of 1.5 per cent from the June quarter.

“With the modest price correction in the Indian 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.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, November 24 2020. 23:53 IST
RECOMMENDED FOR YOU
.