Amid the COVID-19 pandemic, prime property prices across 46 cities globally increased at an average rate of 8.2 per cent in the second quarter of 2021, up from 4.6 per cent in the preceding quarter, according to a recent report titled ‘Prime Global Cities Index Q2 2021' released by residential and commercial property consultant Knight Frank.
Delhi declined five spots in the latest index at 37th rank, according to the report. Delhi witnessed a marginal decline of 0.2 per cent year-on-year in prime residential prices, leading to the drop in global position to the 37th rank in the second quarter from 32nd rank in the first quarter of 2021, said the report.
Among other major cities in India, Mumbai and Bengaluru also moved down to 40th and 43rd rank in the second quarter, compared to 36th and 40th rank in the first quarter of 2021, respectively.
In the global index, IT-hub Bengaluru registered a decline of 2.7 per cent in terms of the annual capital value change in the prime residential market to an average price of Rs 19,200 per square foot. The prime residential market of Mumbai witnessed a marginal decline of 1.1 per cent with an average price of Rs 63,697 per square foot, according to data released by Knight Frank.
Additionally, the average annual increase in prime prices was 16 per cent across the six of the North American cities tracked by the global index. 22 per cent of the cities across the world registered flat or decline in price growth, according to the report.
The report added that 35 cities registered a rise in prime residential prices in the second quarter of 2021, and 13 cities recorded a double-digit priced growth, compared to a year ago.
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