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.
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