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Prices of luxury luxury housing grow in K1; Delhi is 7th, Mumbai 31rd on the global list: Report



The global slowdown has affected the prices of luxury apartments, which are at the lowest level of 1.3 percent during the first quarter of 2019, from a rise in the average rate of 4.3 percent earlier.

These figures were discovered by Prime Global Cities of India Knight Frank, an international property consultant.

    Prices of luxury luxury housing grow in K1; Delhi is 7th, Mumbai 31rd on the global list: Report

Representative picture. Reuters

The decline in growth during this period is attributed to the threat of a global trade war, the uncertainty about Brekit, and the International Monetary Fund (IMF) projection that 70 percent of world economies will experience a slowdown in 2019

Three Indian cities make a cut in the index. Delhi is in seventh place at the premium price of 5.8 percent for 12 months and 4.4 percent on a quarterly basis. Bengaluru is at 20th a position where growth was 2 percent to 12 months and 0.8 percent on a quarterly basis. It stands at 31st ranking, Mumbai recorded a bad growth of 0.6 percent for 12 months and 0.3 percent on a quarterly basis, indicating a momentum in the affordable and middle category of housing.

The index monitors the movement of luxury housing prices (5 percent of the real estate market) in 45 cities around the world.

RankCitiVorld Region12month

% change

3month

% change

1BerlinEurope14.1% t4.5%
2MoscowRussia and the CIS12.0%3.6%
3FrankfurtEurope9.6%3.8%
4TokyoAsia8.4%-2.7% t
5EdinburghEurope7.6%2.1%
6ParisEurope7.5%2.1%
7Delhi Asia 5.8%4.4%
8ZurichEurope5.2%0.8%
9MadridEurope5.1%0.1%
10GenevaEurope5.0%0.1%
11BeijingAsia4.5%2.3%
12ManilaAsia4.4%1.7%
13SingaporeAsia3.6%3.0%
14BrisbaneAustralasia3.2% t0.4%
15TorontoNorth America3.2% t1.0%
16MiamiNorth America3.0%0.0%
17TaipeiAsia2.5%4.0%
18SydneyAustralasia2.4%0.2%
19Cape TownAfrica2.1%-0.1% t
20Bengaluru Asia 2.0% 0.8%
31MumbaiAsia 0.6% 0.3%

"The Indian housing market has stagnated for a long period of time with the pace of sales, especially property premiums, which remained slow and caused a significant swing in inventories in the main markets. Furthermore, investors also shifted focus to traction market segments, i.e. Affordable and medium-sized segments due to the concentrated demand and favorable environment created for these segments based on political reforms and improvements, "said Shishir Baijl, President and CEO, Knight Frank India.

"However, growth in the main real estate market in key Indian cities should be seen as a positive signal and progress, we must follow the progress in the next few quarters to determine that the sector is moving towards recovery," he added.

Regarding global cities, European cities are still outperforming with seven out of the top 10 rankings in this quarter that occupy European markets. Berlin (14 percent), Frankfurt (10 percent), Edinburgh (8 percent) and Paris (8 percent) are ahead, while Russia and the CIS meet in the strongest world region in K1 2019.

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