Indian Metropolises Shine: Mumbai and Delhi Witness Significant Growth in Prime Property Prices
Mumbai and Delhi have emerged as top performers in prime residential property prices globally, with an 11.5% and 10.5% annual growth respectively.
Prime Property PricesMumbaiDelhiKnight FrankGlobal Real EstateReal Estate MumbaiJun 30, 2024
Globally, Manila topped the list with a staggering 26.2% annual growth, followed by Tokyo at 12.5%. The report highlights that Indian cities are experiencing strong growth, driven by the country's robust economic growth, with Mumbai and Delhi leading the charge.
With an annual GDP growth rate of over 8%, India's strong economy has boosted house prices in its major cities, particularly in Delhi and Mumbai. The first quarter of 2024 saw an average annual growth rate of 4.1% across the 44 markets covered by the 'Knight Frank Prime Global Cities Index', marking the strongest rate of growth since Q3 2022.
On a quarterly basis, price growth also showed signs of strengthening, with a 1.1% increase in Q1 2024, up from a 0.3% increase in the last quarter of 2023. According to Liam Bailey, Knight Frank's global head of research, the index indicates that upward price pressures are stemming from relatively healthy demand, set against continued low supply volumes.
Information Knight Frank is a global real estate consultancy firm that provides expert advice on residential, commercial, and agricultural property. With over 500 offices in 60 countries, Knight Frank is one of the largest and most respected property consultancies in the world.
Knight Frank is a leading independent global property consultancy. Headquartered in London, the firm provides a comprehensive range of services across commercial, residential, and agricultural property.
Frequently Asked Questions
Which Indian cities have witnessed significant growth in prime property prices?
Mumbai and Delhi have experienced robust annual growth in prime residential property prices.
What is the annual GDP growth rate of India?
India's annual GDP growth rate is running at over 8%.
What is the Knight Frank 'Prime Global Cities Index Q1 2024'?
The Knight Frank 'Prime Global Cities Index Q1 2024' is a report that tracks prime residential property prices in 44 cities worldwide.
What is the average annual growth rate across the 44 markets covered by the 'Knight Frank Prime Global Cities Index' in Q1 2024?
The average annual growth rate across the 44 markets covered by the 'Knight Frank Prime Global Cities Index' in Q1 2024 is 4.1%.
Who is the global head of research at Knight Frank?
Liam Bailey is the global head of research at Knight Frank.
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