Manila Tops Global Property Price Index, Mumbai and New Delhi Follow Closely
Mumbai and New Delhi have recorded a sharp annual increase in their real estate prices at 13% and 10.6% respectively, while Bengaluru has witnessed a modest 3.7% rise.
Real EstateProperty PricesMumbaiNew DelhiBengaluruKnight FrankPrime Global Cities IndexReal EstateAug 23, 2024
The Prime Global Cities Index is a valuation-based index that tracks the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.
According to the Knight Frank report, Mumbai recorded the second-highest year-on-year (YoY) growth in prime residential prices in Q2 2024, with a 13% increase. This has pushed it up the ranking table to 2nd position from its 6th rank in Q2 2023. New Delhi, which recorded a 10.6% YoY rise in prime residential property prices, made a significant jump in rankings, moving from 26th in Q2 2023 to 3rd in Q2 2024.
Bengaluru maintained its status quo, ranking 15th in the list, with a 3.7% increase in prime residential property prices.
The Knight Frank analysis suggests that the strong price growth in prime residential properties is a strong indicator of the growing wealth and increasingly higher aspirations of the country's affluent population.
Demand has been particularly strong in the premium-priced category, becoming the strongest driver for overall sales so far during the year.
Across the 44 cities surveyed, annual price growth slowed from 4.1% in Q1 to 2.6% in Q2 2024, remaining below the long-term average of 5.3%. Manila topped the charts with a 26% annual rise in Q2 2024, followed by Dubai, which saw a slight moderation declining by 0.3% YoY.
Europe has also gained momentum, with six of the ten fastest-improving markets, led by Stockholm. Meanwhile, markets like Madrid, Dubai, and New Zealand (Christchurch, Wellington, and Auckland) are experiencing a slowdown in growth.
Frequently Asked Questions
What is the Prime Global Cities Index?
The Prime Global Cities Index is a valuation-based index that tracks the movement of prime residential prices across 44 cities worldwide.
Which city topped the Prime Global Cities Index in Q2 2024?
Manila topped the charts with a 26% annual rise in Q2 2024.
What is the annual increase in real estate prices in Mumbai and New Delhi?
Mumbai and New Delhi have recorded a sharp annual increase in their real estate prices at 13% and 10.6% respectively.
What is the expected momentum in the prime residential market in 2024?
The momentum is expected to sustain in 2024, as the economic outlook continues to remain strong and keeps sentiments buoyant.
What is the biggest influence on future price growth in the prime residential market?
The biggest influence on future price growth lies in the hands of central banks and their confidence to cut rates further over the next 12 months.
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