Prime property demand may look up in H2 of FY19: Knight Frank

NEW DELHI: The prime property market in India may see a revival in the second half of calendar 2019 after a steady drop in prices over the past five years.

A Knight Frank India attitude survey showed 14 per cent of Indian ultra-high networth individuals are expected to buy a new home in 2019, which is an indication of latent demand for prime property in 2019.

The prime property market in India has seen either a stable or marginal drop in prices in last 5 years. The second half of calendar 2019 may see a marginal increase in property prices across categories, including luxury realty, said Shishir Baijal, Chairman & Managing Director, Knight Frank India.

Mumbai claimed the top position in most expensive prime property market in India with a price increase of 5.1 per cent during 2014-18, Knight Frank’s The Wealth Report- Insight Series 2019 showed.

Globally, Hong Kong remained the most expensive prime residential city market in the world, with an average prime property price of $4,251 per square feet in 2018, the report said.

London and New York took second and third places, respectively.

In India, Delhi saw the highest price increment of 4.4 per cent in the first quarter of 2019 compared with average prime property price in 2018, the report said.

Delhi had seen a drop in average prime property price by 4.9 per cent in 2016 and by another 2.3 per cent in 2017, but it increased by 1.4 per cent in 2018, the report claimed.

Among the prime properties in India, Bangalore saw a modest 0.8 per cent price rise in 2018 with an average prime property price at $277.36 per square feet.