Delhi moves five places down to 37th spot on Global prime cities index

Source: Business Standard

What is the News?

The Prime Global Cities Index has been released.

About Prime Global Cities Index:

1. Released by:  Knight Frank, a residential and property consultant firm.
2. Purpose: It is a valuation-based index that tracks the movement in prime residential prices in local currency across 45+ cities worldwide.
3. Prime residential property is defined as the most desirable and most expensive property in a given location, generally defined as the top 5% of each market by value.

Key Findings:

1. Prices of prime residential properties in Delhi fell a marginal 0.2% in the second quarter of 2021 leading to a drop of five spots — from 32 to 37.
2. Mumbai and Bengaluru also saw a decline in the prices of prime residential properties. They have moved down to the 40th and 43rd rank in Q2 of 2021 compared to 36th and 40th in Q1 2021 respectively.
3. Globally, 35 cities witnessed a rise in prime residential prices in Q2 2021 on a YoY basis.
   • This can be attributed to a strong buyer appetite for residential due to extended time spent indoors, appreciation for larger homes and a low-interest rate regime followed by central banks globally.