Bengaluru outshines Delhi, Mumbai in terms of real estate price appreciation

New Delhi: India’s IT capital Bengaluru has outdone Delhi and Mumbai in terms of real estate price appreciation. The South India city emerged as the 26th fastest growing prime residential market globally.

The premium micro-markets of Bengaluru registered price rise of 0.60 percent in annual capital value change during the second quarter of 2020. The average price stood at Rs 19,727 per square feet in the second quarter, according to a report by Knight Frank India.

Delhi ranked 27th globally with 0.30 percent increase in terms of annual capital value change in the prime residential market during the second quarter. The average price stood at Rs 33,625 per square feet in the second quarter.

Mumbai ranked 32 globally with 0.60 percent increase in terms of annual capital value change in the prime residential market during the second quarter. The average price stood at Rs 64,388 per square feet in the second quarter in the Maximum City.

Prime residential properties are those that are most desirable and most expensive ones in a given area, usually the top 5 percent of each of the markets by value. 

Of the 20 cities which saw a fall in prime residential prices in the second quarter, as many as nine were in Europe and seven in Asia. Two cities were in Australasia, one in Middle-East and one in Africa.

Manila lead the index with prime residential prices jumping by 14.4 percent over 12 months to June 2020. Manila was followed by Tokyo and Stockholm.

 

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