Delhi witnessed a decrease of 0.2 percent year-on-year in prime residential pricesAmid the COVID-19 pandemic, prime residential or commercial property costs across 46 cities worldwide increased at a typical rate of 8.2 percent in the 2nd quarter of 2021, up from 4.6 per cent in the preceding quarter, according to a recent report entitled 'Prime Global Cities Index Q2 2021' launched by domestic and business home specialist Knight Frank.Delhi decreased 5 areas in the current index at 37th rank, according to the report.
Delhi witnessed a minimal decrease of 0.2 per cent year-on-year in prime domestic costs, causing the drop in international position to the 37th rank in the second quarter from 32nd rank in the very first quarter of 2021, stated the report.Among other major cities in India, Mumbai and Bengaluru also moved down to 40th and 43rd rank in the second quarter, compared to 36th and 40th rank in the very first quarter of 2021, respectively.In the global index, IT-hub Bengaluru signed up a decline of 2.7 per cent in regards to the annual capital value change in the prime domestic market to an average cost of Rs 19,200 per square foot.
The prime property market of Mumbai witnessed a limited decrease of 1.1 percent with an average rate of Rs 63,697 per square foot, according to information released by Knight Frank.Additionally, the typical annual boost in prime prices was 16 percent across the 6 of the North American cities tracked by the global index.
22 percent of the cities throughout the world signed up flat or decrease in rate development, according to the report.The report added that 35 cities signed up an increase in prime residential rates in the 2nd quarter of 2021, and 13 cities tape-recorded a double-digit priced growth, compared to a year earlier.