Even as Mumbai remains the most expensive market, Delhi saw the highest rise in prices of prime residential property in 2018, a report said. The national capital saw an increment in rates of 4.4 per cent in the January-March quarter of 2019 as against an average price for the last year, Knight Frank’s The Wealth Report- Insight Series 2019 said, adding that surge of Rs 33,507 per sq ft was seen. The prices rose by 1.2 per cent in 2018 as against a fall in average prime property price by 4.9 per cent in 2016 and by another 2.3 per cent in 2017, the report added. The prices were Rs 34,073 per sq ft in 2015, the report also said.
In Q1 of 2019, with prime residential property rise of Rs 64,649 per sqft, India’s business capital Mumbai remained the most expensive cities across the country. While In the January-March quarter of 2019, prime property price of Bengaluru was seen at Rs 19,447 per sq ft.
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“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 2019 may see a marginal increase in property prices across all categories, including luxury.”, Shishir Baijal, Chairman & Managing Director, Knight Frank India, said. According to Attitude Survey, 14 per cent of ultra-high net-worth individuals in the country may purchase a new home this year, indicating a latent demand, he also said.
On a global scale, while Hong Kong remained the most expensive prime residential city market, London and New York remain as dominant ultra-prime markets taking second and third place in the rankings, the report also said.
“Year-on-year, it was becoming increasingly clear just how much the growth of globalised wealth was shaping global property markets and propelling demand for the very best assets at new levels”, Liam Bailey, global head of research at Knight Frank said.
