Delhi, Mumbai, and Bengaluru ranks have dropped in Knight Frank’s Prime Global Cities Index Q2 2021. Delhi fell five spots, to the 37th position, in the ranking. Mumbai and Bengaluru also slipped down to 40th and 43rd rank in the index ranking 2021. In Q1, Delhi ranked 32nd, Mumbai and Bengaluru were at 36th and 40th position in the global index, respectively, according to an IANS report. In a statement, Knight Frank India told the media that as per an IANS report, Delhi witnessed a marginal drop of 0.2% year-on-year (YoY) in prime residential prices, leading to the decline in global position from 32nd rank in Q1 2021 to 37th rank in Q2 2021. The premium micro-markets of the city remained unchanged on a QoQ basis in Q2 2021 to report an average cost of Rs 33,572 per sq ft, IANS reported. Global Prime Residential Index has observed an annual rise of 8.2%, the IANS report says. Mumbai’s prime residential market recorded a marginal drop of 1.1%, with an average cost of Rs 63,697 per sq ft, as per the IANS report. Bengaluru witnessed a drop of 2.7% in terms of yearly capital value change in the prime residential market to an average cost of Rs 19,200 per sq ft, the IANS report says. Prime residential property is the most desirable and most expensive property in a given location, generally defined as the top 5% of each market by value. The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential values in local currency across more than 45 cities globally using Knight Frank’s global research network. As per Knight Frank’s research analysis, 35 cities witnessed an increase in prime residential values in Q2 2021 (YoY). About 13 cities recorded double-digit priced growth up from just one a year ago. Prime costs across 46 cities rose at an average rate of 8.2% in the year to June 2021, up from 4.6% in March. The average yearly rise in prime values was 16% across the six North American cities tracked by the index. As per the report, 22% of the global cities recorded flat or decline in price growth, while Toronto recorded the strongest performing world region in the year to Q2 2021 with 27 per cent, Bangkok was the weakest performing market with (-) 6.4 per cent. Some of the world’s top Asian cities were Shanghai (21%), Seoul (20%) and Guangzhou (20%). Shishir Baijal, Knight Frank India Chairman and Managing Director, told the media that Despite the ongoing Covid-19 pandemic situation, the residential segments worldwide have outperformed as compared to the same period of Q2 2020. It can be attributed to a strong buyer appetite for residential housing because of extended time spent indoors, appreciation for larger houses and a low-interest rate regime followed by central banks worldwide, according to the IANS report. Image Source Also read: Ropeway project to elevate Udaipur ranks under Smart City mission