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Delhi saw the highest price increment of 4.4 per cent in Q1 2019 in comparison with average prime property price of the year 2018. During Q1 2019, prime property price of Delhi was seen at $482.53 per sq.ft.(Rs 33,507 per sq.ft.). Delhi saw a drop in average prime property price by 4.9 per cent in 2016 and by another 2.3 per cent in 2017. However, in 2018, the average prime property price witnessed a rise by 1.4 per cent.
According to Knight Frank’s The Wealth Report- Insight Series 2019, Mumbai remained the most expensive prime residential city market in India, with prime property price seen at $931 per sq.ft. (Rs 64,649 per sq.ft.) in Q1 2019; this has seen a price increment of 0.3 per cent when compared to average prime property price at $926.14 per sq.ft.(Rs 64,432 per sq.ft.) in 2018 .
Bengaluru witnessed 0.8% rise with average prime property price at $277.36 per sq.ft.(Rs 19,296 per sq.ft.) in 2018. In the first quarter of 2019, prime property price of Bengaluru was seen at $280.48 per sq.ft.(Rs 19,447 per sq.ft.).
Shishir Baijal, Chairman & Managing Director, Knight Frank India, “The prime property market in India has seen either a stable or marginal drop in prices in the last 5 years. The second half of 2019 may see a marginal increase in property prices across all categories, including luxury. According to Attitude Survey, 14 perc ent of Indian ultra-high net-worth individuals are expected to buy a new home in 2019, an indication of latent demand for prime property in 2019.”
Liam Bailey, global head of research at Knight Frank said, “Year-on-year, it was becoming increasingly clear just how much the growth of globalised wealth was shaping global property markets and propelling demand for the very best assets at new levels.”
Hong Kong remains most expensive market globally
According to the report, Hong Kong remained the most expensive prime residential city market in the world, with an average prime property price of $4,251 per sq.ft. in 2018.
London and New York remain as dominant ultra-prime markets taking second and third place in the Knight Frank rankings with average prime prices currently standing at US$3,022 and US$2,989 per sq.ft. respectively. What is surprising about the London market, however, is that despite prime prices falling by 7 per cent between 2015 and 2017, a record sale of US$15,184 per sq.ft. was achieved in 2017, 35% above the top price ever achieved in New York back in 2015.
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