London-based property consultant Knight Frank has ranked New Delhi and Mumbai in 32nd and 36th positions respectively in the Global Prime Residential Index. While Bengaluru moved down by four places in Q1 2021 and is ranked 40; Delhi and Mumbai dipped one place each in the same period.
Three Chinese cities – Shenzhen, Shanghai and Guangzhou lead the index this quarter. Shenzhen recorded the strongest performing world region with a growth of 18.9%, while New York was the weakest performing market with negative 5.8% growth. Some of the world’s top metropolises, New York, Dubai, London, Paris and Hong Kong are seeing prices soften. New York was the weakest-performing global city during the period.
About the Prime Global Cities Index:
- The Prime Global Cities Index is a valuation-based index-tracking movement in prime residential prices in local currency across 45-plus cities worldwide using Knight Frank’s global research network.
- The report said 26 cities witnessed a rise in prime residential prices in Q1 2021. Eleven cities registered double-digit priced growth up from just one a year ago. About 67 per cent of global cities registered flat or positive yearly price growth.
Important takeaways for all competitive exams:
- Chairman and Managing Director at Knight Frank India: Shishir Baijal.
- Knight Frank Headquarters: London, United Kingdom;
- Knight Frank Founded: 1896;
- Knight Frank Founders: Howard Frank, John Knight, William Rutley.