Prime property price in India: Looking to buy a new home? Check out Delhi, Mumbai, Bengaluru rates
Prime property is pricey world-over, but buyers are very much in the ring looking for opportunities. Shishir Baijal, Chairman & Managing Director, Knight Frank India said, “The prime property market in India has seen either a stable or marginal drop in prices in the last 5 years.
Prime property is pricey world-over, but buyers are very much in the ring looking for opportunities. Shishir Baijal, Chairman & Managing Director, Knight Frank India said, “The prime property market in India has seen either a stable or marginal drop in prices in the last 5 years. The second half of CY2019 may see a marginal increase in property prices across all categories, including luxury. According to Attitude Survey, 14% 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.”
So, before we get to India, check out the global scene: Hong Kong is the most expensive prime residential city market in the world, with an average prime property price of US$ 4,251 per sq.ft. in 2018, according to Knight Frank’s Wealth Report. London and New York remain dominant ultra-prime markets taking second and third place in the Knight Frank rankings with average prime prices currently standing at US$3,022 and US$2,989 per sq.ft. respectively.
Back in India, capital city Delhi saw the highest price increment of 4.4% in Q1 2019 in comparison with average prime property price of the year 2018. In Q1 2019, prime property price in Delhi was at Rs 33,507 per sq.ft. Delhi saw a drop in average prime property price by 4.9% in 2016 and by another 2.3% in 2017, but witnessed a surge in 2018 by 1.4%.
However, Mumbai remained the most expensive prime residential city market in India, with prime property price seen at Rs 64,649 per sq.ft (US $ 931 per sq.ft.) in Q1 2019. Mumbai has seen a price increment of 0.3% when compared to average prime property price of the year 2018 approximately US$926.14 per sq.ft.(INR 64,432 per sq.ft.). Mumbai remained the most expensive prime property market with a price increase of 5.1% in the period 2014-18
Bengaluru witnessed 0.8% rise with average prime property price of 2018 atUS$277.36 per sq.ft.(INR 19,296 per sq.ft.). According to Q1 2019, prime property price of Bengaluru was seen at US$280.48 per sq.ft.(INR 19,447 per sq.ft.).
The average prime property price for the period 2014-2018: (Source: Knight Frank Wealth Report 2019)
Other key highlights:
1. No. of Private Jet departures from Mumbai in 2018 were approximately 1,516 approximately 8.28% higher than Dubai (1,400) and approx.20% higher than Tokyo (1,202)
2. New York ranked no. 1 as it witnessed highest departure i.e. 66, 968 whereas Mumbai ranked no. 146
3. North America (13,685) has highest number of active business jets.
4. Europe, Russia and CIS (2,879) has second highest active business jets followed by Latin America (718), Asia-Pacific (487), Middle East (198) and Africa (135)