Bengaluru slips to 40th spot globally in Knight Frank’s global prime property index for Q1 of 2021

Bengaluru slips to 40th spot globally in Knight Frank’s global prime property index for Q1 of 2021

• Bengaluru has slipped four positions to rank 40th among 46 global cities in the ‘Prime Global Cities Index Q1 2021’ report, released by real estate consultant Knight Frank.
• Bengaluru saw a fall of 2.7 percent year-on-year (YoY) in prime residential prices during January-March 2021.
• Other Indian cities included New Delhi (32) and Mumbai (36), which too witnessed negative growth in prime residential prices.
• Three Chinese cities, Shenzhen, Shanghai and Guangzhou lead the index in Q1 of 2021, with Shenzhen registering the strongest growth of 18.9% in the price.
• New York, which is among world’s top metropolise was the weakest performing market, ranked at 46th spot with negative 5.8% growth.
• Prime residential property is defined as the most desirable and most expensive property in a given location, or generally defined as the top 5% of housing market by value.
• The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential prices in local currency across 45+ cities worldwide.