New Delhi residential prices drop 0.2% YoY: Knight Frank report

According to the prime global cities index Q2 2021 by Knight Frank, New Delhi experienced a 0.2% year-on-year drop in prime residential prices, dropping from 32nd to 37th place globally. The report cites that the premium micro markets in the city held steady on a QoQ basis in Q2, with an average price of Rs 33,572 per square foot. Mumbai and Bengaluru slumped to 40th and 43rd place in Q2 respectively, from 36th and 40th place in Q1. In the global index, the prime residential market at Bengaluru saw an annual capital value change of 2.7%, resulting in an average price of Rs 19,200 per sq ft. With an average price of Rs 63,697 per sq ft, the prime residential market saw a marginal drop of 1.1%. The most prominent residential properties in the locality are generally defined as the top 5% of each market by value. The prime global cities index uses the global research network by Knight Frank to track the movement in prime residential prices in local currency across more than 45 cities worldwide. In the second quarter of 2021, prime residential prices increased in 35 cities. A total of 13 cities saw double-digit price increases, up from just one a year ago. In June, prime prices in 46 cities went up by an average of 8.2%, up from 4.6% in March. As per the reports, in 22% of global cities, price growth was flat or declining. While Toronto had the best performance in the world in the year to Q2, with a 27% increase, Bangkok had the worst performance, with only a 6.4% increase. An easing of travel rules in some markets, a surge in safe-haven purchases by domestic buyers, stamp duty holidays, and a general rethinking of lifestyles, according to Baijal, have helped the prime segment recover quickly from the impact of Covid-19 and record strong growth. Image Source Also read: Housing sales notes 75% growth in H1 2021: CBRE South Asia