The national Capital is the 65th most expensive retail destinations in the world with an average monthly rental of $123 (Rs. 5721) per sq ft, moving up four notches during the past six months, says a study by real estate consultancy CB Richard Ellis.

According to the Global Market View on the retail sector by CB Richard Ellis, retail rentals in prime locations across the globe have begun to stabilise during the third quarter of 2009.

While New York has retained its position as the most expensive retail location in the world, New Delhi has moved up four positions from the 69th slot it had during the first quarter of the year.

“It has now moved to the 65th position with average rentals at $123 per sq ft per month,” the report said, without giving the average rental figure during Q1. It also said that the reporting period has seen domestic retails also stabilising.

Globally the retail rentals slipped by only about one per cent during the quarter under reporting due to economic stability and return of consumer confidence.

“Our retail market fundamentals have been more resilient this quarter with consumer confidence slowly returning to the market. We witnessed a stabilisation in rentals after the correction a few months back with rentals having corrected on an average of 20-25 per cent,” CB Richard Ellis Chairman and Managing Director Anshuman Magazine said here on Thursday while releasing the report.

The report, however, cautions against supply-side risks in some cities in the country.