Mumbai: International property consultant Knight Frank, in its latest report of prime global cities index, has ranked Mumbai (0.8%) on 28th position in terms of fastest growing prime residential market globally.
The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential prices in local currency across 45 cities worldwide according to Knight Frank.
Moscow leads the index this quarter with prime home prices rising by 11.1% over the 12 months till September 2019, followed by Frankfurt (10.3%) and Taipei (8.9%).
Seoul was the weakest-performing global city in the year to September, with luxury home prices falling by 12.9per cent, reads the report.
A prime residential property is defined as the most desirable and most expensive property in a given location, generally defined considering the top five per cent of the market value.
In Mumbai areas such as Cuffe Parade, Napean Sea Road, Colaba, Lower Parel, Worli, Tardeo, Juhu, Bandra Kurla Complex (BKC), Santacruz (W), Bandra (W), Khar (W) and Prabhadevi registered 0.8% increase in average capital value to Rs 64,775 per square feet, as per the global property consultant report.
The change in prime residential prices for all 45 cities averaged 1.1% in the year to Q3 2019, down from 3.4% in 2018 and 4.2% in 2017.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “Mumbai has moved up in its rankings, luxury home prices have remained stable in the cities in the past three months.
All the policy initiatives have been focused on boosting the development of affordable and mid-income housing, which has left the luxury property development a game for well-funded and organised firms to play.”