Global Housing Price Rise: Mumbai and Delhi Rank High in 44 Cities
Mumbai and Delhi have witnessed a significant rise in housing prices, ranking 3rd and 5th respectively among 44 global cities during January-March 2024.
Housing Price RiseMumbaiDelhiGlobal Real EstateKnight FrankResidential PropertiesReal Estate NewsJun 13, 2024
Knight Frank's report 'Prime Global Cities Index Q1 2024' reveals that Mumbai recorded an 11.5 per cent year-on-year (YoY) growth in prime residential prices during January-March 2024. Delhi, on the other hand, rose from 17th rank in January-March 2023 to 5th position in January-March 2024 with a growth of 10.5 per cent YoY. While Bengaluru observed a decline in ranking from 16th place in Q1 2024 to 17th rank in Q1 2024, it still recorded a 4.8 per cent YoY growth in residential prices.
Knight Frank's 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 its global research network. The index tracks nominal prices in local currency.
Shishir Baijal, Chairman and Managing Director at Knight Frank India, attributes the strong demand trend for residential properties to a global phenomenon, led by gateway markets of Asia-Pacific and EMEA. He believes that the improved rankings of Mumbai and New Delhi on the Prime Global Cities Index were underscored by the resilience in sales growth volume. Baijal expects the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged.
The consultant notes that global housing price growth has strengthened, with the average annual house price growth rising by 4.1 per cent in the 12 months to March 2024. This marks the fastest rate of growth since the third quarter of 2022.
Knight Frank is a leading global real estate consultancy firm that provides expert advice and consulting services to clients across the globe. With a strong presence in Asia-Pacific, EMEA, and other regions, Knight Frank is renowned for its in-depth research and analysis of global real estate markets.
Knight Frank is a global real estate consultancy firm that offers a range of services, including residential and commercial property sales, leasing, and valuation. With a team of experienced professionals, Knight Frank provides expert advice and cutting-edge solutions to clients across the world.
Frequently Asked Questions
What is the ranking of Mumbai in terms of housing price rise?
Mumbai is ranked 3rd among 44 global cities in terms of housing price rise during January-March 2024.
Which city has witnessed the highest growth in housing prices?
Manila has witnessed the highest growth in housing prices with a 26.2 per cent annual growth rate.
What is the Prime Global Cities Index (PGCI)?
The PGCI is a valuation-based index that tracks the movement of prime residential prices across 44 cities worldwide.
What is the average annual house price growth rate globally?
The average annual house price growth rate globally is 4.1 per cent in the 12 months to March 2024.
Which Indian cities have witnessed a significant rise in housing prices?
Mumbai and Delhi have witnessed a significant rise in housing prices, ranking 3rd and 5th respectively among 44 global cities during January-March 2024.
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