Bengaluru Ranks 26th Globally In Annual Price Rise Of Luxury Homes

According to a Knight Frank report, Bengaluru and New Delhi ranked 26th and 27th, respectively, globally in the annual price appreciation of luxury residential properties.

Mumbai is at 32nd position, the consultant said in its 'Prime Global Cities Index Q2 2020' report.

While Bengaluru and Mumbai moved up by one place each, Delhi has jumped five notches as compared with the previous report of the first three months of 2020.

The capital value increased 0.6 percent in Bengaluru and 0.3 percent in the national capital, but fell 0.6 percent in Mumbai during the April-June period this year, compared with the same time last year.

Knight Frank said that Bengaluru has emerged as the 26th fastest-growing prime residential market in the world, in terms of annual price appreciation. Rates were up 0.60 percent in Q2, 2020 to an average price of Rs 19,727 per sq ft.

Delhi ranked 27th on the global index, with a 0.30 percent rise in terms of annual capital value in the prime residential market to an average price of Rs 33,625 per sq ft.

Mumbai's prime residential market ranked 32nd in Q2 2020, registering a decline of 0.60 percent with an average price of Rs 64,388 per sq ft, the report said.

Manila in the Phillippines leads the index with prime home prices rising by 14.4 percent over the 12 months to June 2020, followed by Japan's Tokyo (8.60 percent) and Sweden's Stockholm (4.40 percent).