Bengaluru, Delhi, Mumbai: Fastest-Growing Global Residential Markets

Bengaluru is the world’s 26th fastest-growing prime residential market in terms of annual price appreciation followed by Delhi at 27th position, according to Knight Frank India’s Prime Global Cities Index Q2 2020 report. Mumbai's prime residential market is ranked 32nd in the world. Bengaluru’s premium micro-markets recorded a rise of 0.60 percent in annual capital value change in Q2 2020 to an average price of Rs 19,727 per sq. ft, it said. Delhi ranked 27th on the global index, with a 0.30 per cent rise in terms of annual capital value in the prime residential market to an average price of Rs 33,625 per sq ft. Mumbai's prime residential market was ranked 32nd in Q2 2020, registering a decline of 0.60 per cent with an average price of Rs 64,388 per sq ft, the report said. Philippines' capital Manila leads the index with prime home prices rising by 14.4 percent over the 12 months to June, followed by Japan's Tokyo (8.60 per cent) and Sweden's Stockholm (4.40 percent). Thailand's capital Bangkok was the weakest-performing global city in the year to June, with luxury home prices falling by 5.8 per cent, the consultant said. Prime residential property is defined as the most desirable and most expensive property in a given location, generally defined as the top 5 percent of each market by value. The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential prices in local currency across more than 40 cities worldwide using data from Knight Frank’s global research network. According to Knight Frank’s research analysis, 20 cities that witnessed a decline in prime residential prices in Q2 2020 - nine were in Europe, seven in Asia, two in Australasia, one in the Middle East, and one in Africa. According to the report, 67 percent of the global cities registered flat or positive yearly price growth; Australasia recorded the strongest performing world region in the year to Q2 2020, and the Asian prime residential prices declined by 0.2 percent in the three months to June.