Delhi named 27th fastest growing prime residential market. Image Source: IANS News

New Delhi, Nov 24 : India's national capital is the 27th fastest growing prime residential market, according to a report by Knight Frank.

Mumbai ranked 33rd while Bengaluru stood at the 34th place.

Globally, Delhi ranked 27th with a 0.2 per cent annual price change for the period Q3 2019-Q3 2020, and with a decline of 0.1 per cent price change in Q3 2020 compared to the previous quarter.

Mumbai ranked 33rd with '-1.3 per cent' annual price change for the period Q3 2019-Q3 2020. The city saw also saw a decline of 0.7 per cent price change in Q3 2020 compared to Q2 2020.

In Bengaluru prices declined 1.4 per cent annual price change for the period Q3 2019-Q3 2020.

The 'Prime Global Forecast 2021' report cited the prime residential prices across the 22 cities (on average) are expected to remain static in 2020, before rising by 2 per cent in 2021.

The prime residential market of Mumbai, though expected to see no change in annual price change in 2021 (Dec 20 - Dec 21), is likely to witness a buoyancy in demand for the prime properties. Shanghai and Cape Town lead the forecast for 2021 with annual price growth of 5 per cent forecast in 2021 whereas Buenos Aires is expected to be the weakest-performing global city, with prime residential prices falling by 8.0 per cent in the same year.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, said: "With the modest price correction in the Indian real estate sector, post-lockdown, the luxury market has seen significant traction. Buyers are responding favourably to residential purchase across segments including luxury as sale prices have corrected in the last few quarters making investment in property attractive." "It is also not surprising that those markets that are already witnessing an economic rebound have moved higher in the rankings in this quarter. In this period of uncertainty, the Knight Frank Prime Global Cities Index still registers a prime price growth across the globe despite the pandemic," he said.

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