Bengaluru slips 4 spots in global prime residential index Q1: Knight Frank

Bengaluru has moved down four spots to 40th rank in the latest Knight Frank's Prime Global Cities Index Q1 released on Thursday.

Against 36th rank in Q4 2020, Bengaluru saw a decline of 2.7 per cent year-on-year in prime residential prices, leading to the drop in global position.

The premium micro-markets of city recorded a fall of 0.6 per cent in annual capital value change to an average price of Rs 19,200 per square feet.

New Delhi and Mumbai also move one spot down to 32nd and 36th rank respectively. New Delhi on the global index remained unchanged in terms of annual capital value change in prime residential market to an average price of Rs 33,572 per square feet.

Mumbai's prime residential market registered a decline of 0.1 per cent with an average price of Rs 63,758 per square feet.

Prime residential property is defined as the most desirable and most expensive property in a given location, generally defined as the top 5 per cent of each market by value.

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.

While Shenzhen recorded the strongest performing world region with a growth of 18.9 per cent, New York was the weakest performing market with negative 5.8 per cent growth.

( With inputs from ANI )