Mumbai: New Delhi has emerged as the 10th fastest-growing residential market in the world with prime residential prices in the city witnessing a growth of 4.4% in the second quarter of 2019, according to international property consultant Knight Frank.
The report tracks the movement in luxury residential prices across 46 cities globally. According to the report 'Prime Global Cities Index Q2 2019', luxury residential prices in Bengaluru increased by 2.8%, while Mumbai saw a marginal growth of 0.8%. Both the cities were ranked 15th and 30th on the list, respectively.
"New Delhi, by virtue of limited supply of luxury properties, saw a rise in weighted average of capital values, which were recorded at ₹33,511 per sq ft, recording an annual rise of 4.4%," the report said.
However, New Delhi's position has slipped three places in the overall ranking from 7th position in the first quarter to the 10th position in the second quarter this year. Bengaluru improved its ranking to 15th from 20th in the first three months of this year.
Berlin topped the ranking, registering a growth of 12.7% in the second quarter, against the year-ago period, followed by Frankfurt, which grew by 12%, according to the report.
"Bengaluru recorded a weighted average capital value of prime markets at approximately ₹19,000 per sq. ft. recording an annual increase of 2.8%," the report said. Mumbai was ranked 30th with a mere 0.8%, recording a weighted average capital value for prime properties at ₹64,764 per sq. ft.