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International property consultant Knight Frank, in its latest report Prime Global Cities Index, has ranked New Delhi as the 9thfastest growing prime residential market in the world, with average luxury home prices in areas such as Greater Kailash, Vasant Vihar, Anand Niketan, Defence Colony and Green Park rising by 4.4 per cent year-on-year in the third quarter of 2019 (Q3 2019). Bengaluru (2.1per cent) and Mumbai (0.8 per cent) were ranked 20thand 28thon the list, respectively.While New Delhi and Mumbai have moved up by one and two places, respectively, from 10thand 30thranksin Q2 2019, Bengaluru has slipped five places from 15th rank in Q2 to 20th rank in Q3 2019. New Delhi saw a 4.4 per cent rise in weighted average capital value of prime residential properties to Rs33,511 per sq ft in Q3 2019, while Bengaluru, comprising areas such as Richmond Town, Frazer Town, Sanjay Nagar, Langford Town, Lavelle Road, Vittal Mallya Road, Palace Road, Kasturba Road, Seshadripuram, Richmond Road, MG Road, Ulsoor, Cunningham Road, Infantry Road, Benson Road and St. Johns Road, recorded a 2.1 per cent rise in capital value to about Rs 19,709 per sq ft.Mumbai, comprising areas such as Cuffe Parade, Napean Sea Road, Colaba, Lower Parel, Worli, Tardeo, Juhu, Bandra Kurla Complex (BKC), Santacruz (W), Bandra (W), Khar (W) and Prabhadevi, registered a 0.8 per cent increase in average capital value to Rs 64,775 per sq ft.KNIGHT FRANK PRIME GLOBAL CITIES INDEX Q3 2019(Ranked by annual % change) Rank City World Regions 12-month % change 3-month % change 1 ²Ñ´Ç²õ³¦´Ç·ÉÌý Russia & CIS 11.1% 1.3% 2 ¹ó°ù²¹²Ô°ì´Ú³Ü°ù³ÙÌý Europe 10.3% 0.0% 3 °Õ²¹¾±±è±ð¾±Ìý Asia 8.9% 1.4% 4 ²Ñ²¹²Ô¾±±ô²¹Ìý Asia 7.4% 3.0% 5 µþ±ð°ù±ô¾±²ÔÌý Europe 6.5% 0.0% 6 ³Ò³Ü²¹²Ô²µ³ú³ó´Ç³ÜÌý Asia 6.2% 1.8% 7 ³Ò±ð²Ô±ð±¹²¹Ìý Europe 5.6% 0.2% 8 ´Ü³Ü°ù¾±³¦³óÌý Europe 4.5% 0.8% 9 ¶Ù±ð±ô³ó¾±Ìý Asia 4.4% 0.0% 10 ²Ñ²¹»å°ù¾±»åÌý Europe 4.2% 1.0% 20 µþ±ð²Ô²µ²¹±ô³Ü°ù³ÜÌý Asia 2.1% 0.5% 28 ²Ñ³Ü³¾²ú²¹¾±Ìý Asia 0.8% 0.0% 45 ³§±ð´Ç³Ü±ôÌý Asia -12.9% -1.5% Moscow leads the index this quarter with prime home prices rising by 11.1 per cent over the 12 months to September 2019, followed by Frankfurt (10.3 per cent) and Taipei (8.9 per cent). Seoul was the weakest-performing global city in the year to September, with luxury home prices falling by 12.9 per cent.A prime residential property 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 is a valuation-based index tracking the movement in prime residential prices in local currency across 45 cities worldwide.The change in prime residential prices for all 45 cities averaged 1.1 per cent in the year to Q3 2019, down from 3.4per cent in 2018 and 4.2 per cent in 2017. Around 76 per cent of cities registered static or rising prices over the 12-month period until September 2019.Key findings for Q3 2019:â€� Delhi moves up by one place to 9thrank, registering a 4.4 per cent YoY growth in pricesâ€� Mumbai moves up by two places to 28th rank, clocking a 0.8 per cent YoY rise in pricesâ€� Bengaluru slips five places to 20th rank, registering a 2.1 per cent YoY rise in pricesâ€� Moscow leads the index, with prime home prices rising by 11.1 per cent YoYâ€� Seoul was the weakest-performing global city, with luxury home prices falling by 12.9 per cent YoYâ€� Average growth of prime residential prices globally stands at 1.1 per cent YoY across 45 global citiesâ€� 76 per cent of cities registered static or rising prices over the 12-month period till September 2019“While Delhi and Mumbai have moved up in their rankings, luxury home prices have remained stable in both the cities in the past three months. Delhi’s prime residential market, which is characterised by its tight supply, had witnessed a growth of 4.4 per cent in March 2019 quarter, leading to this performance in the Prime Global City Index. Slowing of global economic growth, along with issues like US-China trade relations, Hong Kong’s political tensions, a US presidential election in 2020 and the Brexit conundrum have influenced luxury buyersâ€� sentiment. Back in India as well, all the policy initiatives have been focused on boosting the development of affordable and mid-income housing, which has left the luxury property development a game for well-funded and organised firms to play,â€� said Shishir Baijal, Chairman & Managing Director, Knight Frank India.