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.
Related News Articles
China's New Home Prices Show Modest Growth in September 2024
China's new home prices rose 0.14% in September 2024, a slight increase from the previous month's 0.11% growth, according to data from a leading property research firm.
Real Estate Prices in India: A Finfluencer Warns of Hidden Risks
A popular finfluencer cautions potential buyers about the unexpected risks and challenges in the Indian real estate market, highlighting the unique demographic and land constraints in the country.
Gujarat Property Prices Expected to Soar by 40% Due to Increased Jantri Rates
The real estate market in Gujarat, valued at around ₹55,000-60,000 crore annually, is bracing for a significant increase in property prices due to the rise in Jantri rates. Key players like Adani and Godrej are closely monitoring the developments.
Blackstone and CapitaLand Boost Q1 Private Equity Surge in Real Estate, but FY25 Deals See Decline
Despite a strong start in the first quarter, driven by major players like Blackstone and CapitaLand, the real estate private equity market is forecast to see a dip in deals for fiscal year 2025.
Shaan Acquires Prime Pune Property for Rs 100 Million with Square Yards
Shaan, a prominent name in the real estate market, has made a significant investment by purchasing a prime property in Pune for Rs 100 million through Square Yards, a leading real estate platform. The acquisition is set to bolster Shaan's portfolio and enhance its presence in the Maharashtra real estate market.
CBRE India Launches Investment IQ: India's First Real-Time Real Estate Investment Risk Monitoring Platform
Mumbai, Maharashtra, India: CBRE India has unveiled Investment IQ, a groundbreaking platform that offers real-time risk monitoring for real estate portfolios. This innovative solution aims to provide comprehensive analytics, enhancing decision-making for investors in the Indian real estate market.