Global Housing Market Trends: Mumbai and Delhi Rank High in Prime Residential Price Growth
Mumbai and Delhi have secured third and fifth positions, respectively, among 44 cities globally in terms of prime residential price growth during the January-March 2024 period.
Prime Residential PricesGlobal Housing MarketMumbaiDelhiKnight FrankReal EstateReal Estate MumbaiJun 13, 2024
Manila topped the list with a 26.2% annual growth in prices, followed by Tokyo at 12.5%. Bengaluru, however, observed a decline in ranking from 16th place in Q1 2024 to 17th rank in Q1 2024, despite recording a 4.8% YoY growth in residential prices.
The Prime Global Cities Index (PGCI) is a valuation-based index that tracks the movement of prime residential prices across 44 cities worldwide using data from Knight Frank's global research network. The index tracks nominal prices in local currency.
Shishir Baijal, Chairman and Managing Director at Knight Frank India, attributed the strong demand trend for residential properties to the global phenomenon, led by gateway markets of Asia-Pacific and EMEA. He expects the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged.
The report also noted that global housing price growth has strengthened, with the average annual house price growth rising by 4.1% in the 12 months to March 2024. This marks the fastest rate of growth since the third quarter of 2022.
Knight Frank is a global real estate consultancy firm that provides research, analysis, and advice on commercial and residential property markets.
Knight Frank is a leading independent global property consultancy, providing innovative and integrated commercial and residential property solutions. With a strong presence in over 500 offices in 60 countries, Knight Frank offers expertise in valuation, consultancy, and agency services to clients worldwide.
Frequently Asked Questions
Which city ranked first in the Prime Global Cities Index Q1 2024?
Manila ranked first with a 26.2% annual growth in prices.
What is the growth rate of prime residential prices in Mumbai during the January-March 2024 period?
Mumbai recorded an 11.5% year-on-year (YoY) growth in prime residential prices.
How many cities are tracked by the Prime Global Cities Index?
The index tracks prime residential prices across 44 cities worldwide.
What is the average annual house price growth across 44 cities globally?
The average annual house price growth rose by 4.1% in the 12 months to March 2024.
What is the expectation for sales momentum in the next few quarters?
The sales momentum is expected to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged.
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