Mumbai: Knight Frank, an international property consultant has released its prime global cities index on luxury residential prices across 45 global cities. The index highlights, the luxury residential prices in Mumbai have registered its lowest rate of annual growth since the final quarter of 2009.
Two years ago, prime property prices were rising at an average rate of 4.3 per cent per annum, which has now slowed to 1.3 per cent. The dip in the growth is attributed to the looming threat of a global trade war, uncertainty surrounding Brexit and the international monetary fund projection that 70 per cent of world economies would see a slowdown in growth in 2019, the release mentioned.
Mumbai ranked at 31, in the prime global property index. The dismal growth by 0.6 per cent in 12 months and 0.3 per cent in three months indicate a momentum in the affordable and mid-segment housing category the report suggest. While other cities–Delhi and Bengaluru witnesses a growth. Among global cities, Berlin (14 per cent), Frankfurt (10 per cent), Edinburgh (8 per cent) and Paris (8 per cent) are leading.
