New Delhi, Aug 17 (IANS): Indian cities have performed well in the high-end property market in the past one year, as the Knight Frank Prime Global Cities Index Q2 2020 shows that the ranking of Delhi along with Mumbai and Bengaluru inched higher.

The national capital jumped five places to become the 27th fastest growing market in the world in terms of price appreciation of prime properties.

"New Delhi ranked 27th on the global index, with a 0.30 per cent rise in terms of annual capital value change in the prime residential market to an average price of Rs 33,625 per sq ft in Q2 2020,"said a Knight Frank statement.

The IT hub of Bengaluru, however, ranked above Delhi with a one-rank jump to the 26th position. Mumbai also moved up one place to 32.

The premium micro-markets of Bengaluru recorded a rise of 0.60 per cent in annual capital value change in Q2 2020 to an average price of Rs 19,727 per square feet. Mumbai, however, registered a decline of 0.60 per cent with an average price of Rs 64,388 per square feet.

Manila, leads the index with prime home prices rising by 14.4 per cent over the 12 months to June 2020, followed by Tokyo (8.60 per cent) and Stockholm (4.40 per cent). Bangkok was the weakest-performing global city in the year to June 2020, with luxury home prices falling by 5.8 per cent.

Shishir Baijal, Chairman and Managing Director at Knight Frank India, said: "The pandemic-infused economic stress has engulfed the global markets with a fear of uncertainty. Ultra-rich buyers around the world are seen deferring the high premium purchase of a prime residential asset class and preferring investments in liquid assets, primarily gold and cash equivalents."

"With the expected price correction and uptick in sentiment depending on the news related to vaccine discovery, buyers with adequate liquidity will find value to enter the prime residential asset class in India," he said.

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 over 40 cities worldwide using data from Knight Frank's global research network, the statement said.