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
Related News Articles
Dubai South: The Emerging Hub of Real Estate Activity in the UAE
Dubai South has witnessed a significant surge in residential property transactions, with a remarkable 11% growth, making it an attractive destination for real estate investment.
Abhinandan Lodha's Mega Expansion: A Rs 1800 Crore Real Estate Venture
The Mumbai-based real estate firm has embarked on an ambitious expansion plan, launching 10 plotted development projects across Maharashtra, Goa, and Uttar Pradesh.
Retired Police Officer Loses 14.7 Crore in Hyderabad Real Estate Scam
A retired additional superintendent of police was defrauded of 14.7 crore by a conman who promised high returns on real estate investments.
Expert Insights: Long-Term Potential of Sanofi India Shares
Market expert Chandan Taparia provides a detailed analysis and long-term view on Sanofi India shares, offering valuable advice to investors.
Cube Highways InvIT Acquires Two Road Assets for Rs 4184 Crore
Cube Highways InvIT, a leading infrastructure investment trust, has recently acquired two road assets for an enterprise value of Rs 4184 crore. This strategic move is expected to bolster the company's portfolio and enhance its operational efficiency.
Navigating the Costliest Real Estate Market in India: Mumbai's Luxury Property Scene
Over the past decade, Mumbai's real estate market has seen a significant surge in prices, particularly in the luxury segment. According to Knight Frank's The Wealth Report 2024, Mumbai continues to rank among the most expensive cities for luxury property