Delhi prime property price back on the rise in 2018

According to Knight Frank’s The Wealth Report- Insight Series 2019, Hong Kong remained the most expensive prime residential city market in the world, with an average prime property price of US$4,251 per sq.ft. in 2018.The report focuses on the evolution of pricing in the prime market segment across a range of global cities. London and New York remain dominant ultra-prime markets taking second and third place in the Knight Frank rankings with average prime prices currently standing at US$3,022 and US$2,989 per sq.ft. respectively. What is surprising about the London market however is that despite prime prices falling by 7% between 2015 and 2017, a record sale of US$15,184 per sq.ft. was achieved in 2017, 35% above the top price ever achieved in New York back in 2015. Mumbai remained the most expensive prime residential city market in India, with prime property price seen atUS$931per sq.ft. (INR 64,649 per sq.ft.) in Q1 2019; this has seen a price increment of 0.3% when compared to average prime property price of the year 2018 approximately US$926.14 per sq.ft.(INR 64,432 persq.ft.). Delhi saw the highest price increment of 4.4% in Q1 2019 in comparison with average prime property price of the year 2018. According to Q1 2019, prime property price of Delhi was seen atUS$482.53 per sq.ft.(INR 33,507 per sq.ft.). Delhi saw a drop in average prime property price by 4.9% in 2016 and by another 2.3% in 2017; witnessing a surge in 2018 by 1.4%. Bengaluru witnessed 0.8% rise with average prime property price of 2018 atUS$277.36 per sq.ft.(INR 19,296 per sq.ft.). According to Q1 2019, prime property price of Bengaluru was seen at US$280.48 persq.ft.(INR 19,447 per sq.ft.). ShishirBaijal, Chairman & Managing Director, Knight Frank India, “The prime property market in India has seen either a stable or marginal drop in prices in the last 5 years. The second half of CY2019 may see a marginal increase in property prices across all categories, including luxury. According to Attitude Survey, 14% of Indian ultra-high net-worth individuals are expected to buy a new home in 2019, an indication of latent demand for prime property in 2019.”