Hong Kong is the most expensive prime residential city market in the world, with an average prime property price of $4,251 per sq ft in 2018. Mumbai occupies the top slot in India with prime property price at $931 per sq ft followed by Delhi at $482.53 per sq ft.
Globally, Hong Kong was followed by London and New York ultra-prime markets with average prime prices at $3,022 and $2,989 per sq ft, respectively, according to Knight Frank’s The Wealth Report- Insight Series 2019 that focuses on the evolution of pricing in the prime market segment across a range of global cities.
Mumbai remained the most expensive prime residential city market in India, with prime property price seen at $931 per sq ft (Rs 64,649 per sq ft) in the first quarter of 2019; this has seen a price increment of 0.3 percent when compared to average prime property price of the year 2018 approximately $926.14 per sq ft (Rs 64,432 per sq ft).
Delhi saw the highest price increment of 4.4 percent in the first quarter of 2019 in comparison with average prime property price of the year 2018. According to the first quarter of 2019, prime property price of Delhi was seen at $482.53 per sq ft (Rs 33,507 per sq ft). Delhi saw a drop in average prime property price by 4.9 percent in 2016 and by another 2.3 percent in 2017; witnessing a surge in 2018 by 1.4 percent, it said.
Bengaluru witnessed a 0.8 percent rise with average prime property price of 2018 at $277.36 per sq ft (Rs 19,296 per sq ft). According to the first quarter of 2019, prime property prices of Bengaluru were seen at $280.48 per sq ft (Rs 19,447 per sq ft).
“The prime property market in India has seen either a stable or marginal drop in prices in the last five years. The second half of CY2019 may see a marginal increase in property prices across all categories, including luxury. According to Attitude Survey, 14 percent of Indian ultra–high net– worth individuals are expected to buy a new home in 2019, an indication of latent demand for prime property in 2019,” said Shishir Baijal, chairman and managing director, Knight Frank India.
What is surprising about the London market is that despite prime prices falling by 7 percent between 2015 and 2017, a record sale of $15,184 per sq ft was achieved in 2017, 35 percent above the top price ever achieved in New York back in 2015, the report said.
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