Indian Metros on the Rise: Mumbai and Delhi Witness Double-Digit Growth in Prime Property Prices
Mumbai and Delhi have seen a significant surge in global housing price rankings, with prime residential property prices rising by 11.5% and 10.5% respectively, according to a report by Knight Frank.
Prime Property PricesMumbaiDelhiGlobal Housing MarketKnight FrankReal EstateReal Estate MumbaiJun 18, 2024
Mumbai's performance is particularly impressive, jumping from sixth place to third globally in terms of year-on-year growth (YoY) in prime residential property prices during the first quarter of 2024 (January-March). This translates to an impressive 11.5% increase in prime residential property prices compared to the same period last year. This significant rise is attributed to a surge in demand across all housing segments, with a notable increase in sales of higher-value properties.
Delhi also experienced a substantial improvement, climbing from 17th to 5th position in the rankings. This rise reflects a 10.5% YoY growth in prime residential property prices. While Bengaluru saw a slight decline in ranking (16th to 17th), it still recorded a positive growth of 4.8% in residential prices.
The Knight Frank report, titled \
Frequently Asked Questions
What is the year-on-year growth rate of prime residential property prices in Mumbai?
11.5%
What is the ranking of Delhi in terms of year-on-year growth in prime residential property prices?
5th globally
What is the average annual house price growth globally, according to the Knight Frank report?
4.1%
Which city has witnessed the highest annual rise in prime residential property prices globally?
Manila, Philippines
What is the expected impact of stable economic conditions on the housing market in Mumbai and Delhi?
Support for ongoing sales growth
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