Question: What is the ranking of Mumbai in latest Global Prime Residential Index?
A. 36th rank
B. 32nd rank
C. 30th rank
D. 40th rank
Answer- A
Related facts
- Mumbai and New Delhi have moved one spot down to 32nd and 36th rank respectively in the latest(released May 2021) Knight Frank’s Prime Global Cities Index Q1.
- Bengaluru has moved down four spots to 40th rank in the latest Index.
- India’s top property markets have witnessed a slight decline in the prime residential prices.
- India’s top property markets
- These markets have witnessed a slight decline in the prime residential prices.
- Mumbai – Prime residential market registered a decline of 0.1% with an average price of ₹63,758 per square feet.
- Bengaluru – It saw a decline of 2.7% year-on-year in prime residential prices.
- New Delhi – It remained flat in terms of annual capital value change in prime residential market to an average price of ₹33,572 per square feet.
- Prime residential property
- It is defined as the most desirable and most expensive property in a given location, generally defined as the top 5 per cent of each market by value.
- The Prime Global Cities Index
- It is a valuation-based index tracking movement in prime residential prices in local currency across 45-plus cities worldwide using Knight Frank’s global research network.
- Three Chinese cities – Shenzhen, Shanghai and Guangzhou lead the index this quarter.
- Shenzhen recorded the strongest performing world region with a growth of 18.9%, while New York was the weakest performing market with negative 5.8% growth.
By — Pankaj Pandey.