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* New Delhi ranks 38^th, Mumbai 39^th and Bengaluru 41^st

* Mumbai registered a price appreciation of 0.2% QoQ in Q3 2021

* Miami was the best performing city in the index during the period, where luxury home prices appreciated 26.4%

MUMBAI, 29 November, 2021: Knight Frank, a global property consultancy, in its ‘Prime Global Cities Index Q3 2021’ report cited that New Delhi moves down one spot in the index to rank 38 in the third quarter of 2021..

Bengaluru moved down one spot up against the previous quarter in the index, to rank 42, as the quarter registered a 1.1% YOY price fall in the prime markets. Prices remained stable in Q3 2021. Mumbai moved up to the 39^th position in Q3 2021, against its 40^th rank in the previous quarter, as prices fell marginally by 0.1% YOY. In case of Mumbai too, prices are higher 0.2% QoQ in Q3 2021.

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. The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential prices in local currency across 45+ cities worldwide using Knight Frank’s global research network.

According to Knight Frank’s research analysis, 39 cities witnessed a rise in prime residential prices between Q2 and Q3 – 2021. Fifteen cities registered double-digit priced growth. The Prime Global Cities Index, an unweighted price index of prime residential prices across 45+ cities, increased by 9.5% in the year to Q3 2021 compared to 8.2% in the year to Q2 2021. According to the report, 84% of the global cities registered positive yearly price growth; while Miami leads the index this  quarter for the first time since 2007 recording 26.4% rise in the year to Q3 2021, Jakarta was the weakest performing market with a decline of - 4.2%.

Shishir Baijal, Chairman and Managing Director at Knight Frank India said, “As India’s economy recuperates from the impact of the pandemic and lockdown, the up-market segment of luxury homes is witnessing a surge in demand. The drivers for this demand are bottoming out of the prices across Indian cities along with various fiscal measures, which has made the overall environment very conducive for the residential sector. As developers and other industry stakeholders hold a positive sentiment, the segment is expect to record improved levels of activity.”

THE KNIGHT FRANK PRIME GLOBAL CITIES INDEX Q3 2021

(RANKED BY ANNUAL % CHANGE)

Canadian metropolises, Vancouver and Toronto prices softened in Q3 2021, compared to Q2 2021, as home buyers remain doubtful about the direction taken by the Government as it recently announced 2-year ban on foreign residents purchasing a home in Canada. The Evergrande crisis softened the prices of prime residential real estate in Shanghai, Beijing, Guangzhou and Shenzhen.

Key Highlights:

* Mumbai, Delhi and Bengaluru’s prime residential market is witnessing price stability in QoQ basis.

* Delhi ranked 38^th with stable price level for the period Q3 2020 – Q3 2021.

* Mumbai ranked 39^th with a marginal -0.1% annual change for the period Q3 2020 – Q3 2021. Prime residential properties in the city registered a price appreciation of 0.2% in Q3 2021 compared to the previous quarter.

* Bengaluru ranked 41^st with a -1.1% annual price change for Q3 2020 – Q3 2021. The city witnessed no price change in Q3 2021 compared to the previous quarter.

* Miami ranked 1^st in Q3 2021 with 26.4% annual change for the period Q3 2020 – Q3 2021. The city registered an increase in prices by 8.1% in Q3 2021 compared to the previous quarter. The need for larger accommodation, coastal properties along with the Florida States new tax policy resulted in increased demand from the remote working generation.

* Jakarta ranked 46^th with a -4.2% annual change for the period Q3 2020 – Q3 2021. The city registered a price decline of 4.0% in Q3 2021 compared to the previous quarter.

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