Indian Cities Shine in Global Prime Residential Markets, Mumbai and Delhi Lead the Charge
Get the latest insights on Indian real estate market, including Mumbai, Delhi, and Bengaluru's prime residential property markets.
Mumbai Real EstateDelhi Real EstateBengaluru Real EstatePrime Residential MarketsGlobal Real Estate TrendsReal Estate NewsAug 23, 2024
The report notes that the average annual price increase across 44 key residential markets worldwide was 2.6% in the 12-month period ending June 2024. However, Indian cities have bucked this global trend, with Mumbai, New Delhi, and Bengaluru all registering robust growth in their prime residential property markets.
Mumbai's YoY price rise of 13% in prime residences has catapulted the city to the 2nd position globally, up from 6th in Q2 2023. This growth reflects the strong demand for luxury properties in India's financial capital, driven by increasing wealth and aspirations among the city's affluent population.
New Delhi also recorded impressive gains, with a 10.6% YoY increase in prime residential property prices. This sharp rise has seen the national capital leap from 26th place in Q2 2023 to 3rd in Q2 2024 on the global index. Meanwhile, Bengaluru maintained its position, with a 3.7% YoY growth in prime residential prices, holding steady at 15th place on the index.
Frequently Asked Questions
What is the Prime Global Cities Index?
The Prime Global Cities Index is a quarterly report by Knight Frank that tracks the performance of prime residential markets across 44 key cities worldwide.
Which city led the Prime Global Cities Index in Q2 2024?
Manila led the Prime Global Cities Index with a 26% YoY growth in prime residential prices in Q2 2024.
What is driving the growth in Mumbai's prime residential market?
The strong demand for luxury properties in India's financial capital, driven by increasing wealth and aspirations among the city's affluent population, is driving the growth in Mumbai's prime residential market.
How has Bengaluru performed in the Prime Global Cities Index?
Bengaluru maintained its position, with a 3.7% YoY growth in prime residential prices, holding steady at 15th place on the index.
What is the outlook for the global prime residential market?
The slowing in price growth this quarter across global prime markets reflects the fact that, without further stimulus from rate cuts, the bounce in market pricing we have seen over the past few quarters is running out of steam.
Tags:
Related News Articles
Macrotech Developers Witness 20% Surge in Q1 Sale Bookings to Rs 4,030 Crore
Real estate major Macrotech Developers has reported a significant 20% increase in sale bookings to Rs 4,030 crore in Q1, driven by robust housing demand.
Tirumala Trust Chief Clarifies: Waqf Board Not a Real Estate Company
In response to controversial statements made by Owaisi, the chief of the Tirumala trust has clarified the role of the Waqf Board, emphasizing it is not a real estate company.
CA India Technologies Extends Lease in Pune's Prestigious IT Hub
In a significant move, CA India Technologies Private Limited has extended its office lease in Pune's bustling IT hub. The property, renowned for its state-of-the-art facilities, includes ample parking for both four-wheelers and two-wheelers, reflecting th
Mumbai's Lavish Real Estate: Triplex Apartment Sells for ₹99 Crore in Bandra Kurla Complex
Mumbai's luxury real estate market has seen a surge in high-value property transactions since 2025. One of the most notable deals was the sale of a triplex apartment in the Bandra Kurla Complex for a staggering ₹99 crore.
9 Sky View Residences Acquires 3 Luxurious Apartments at Rustomjee Elements, Juhu for ₹98.58 Crore
In a significant real estate transaction, 9 Sky View Residences Private Limited, led by Director Sujata Agarwal, has acquired three luxury properties at Rustomjee Elements, Juhu, for ₹98.58 crore. This deal highlights the growing demand for premium living
Marathwada Grappling with Severe Water Crisis; Divisional Commissioner Mandates Priority Tanker Supply
Marathwada, a region in Maharashtra, is currently facing a severe water crisis, leading the divisional commissioner to order priority water tanker supply to the most affected areas. This article delves into the ongoing crisis, the measures being taken, and the challenges faced by the local population.