Mumbai and Delhi Shine in Global Housing Price Rise Rankings
Mumbai and Delhi rank 2nd and 3rd globally in annual housing price rise, with 13% and 10.6% growth respectively, according to Knight Frank report.
Real EstateHousing Price RiseMumbaiDelhiKnight FrankReal EstateAug 23, 2024
Mumbai, with an annual price rise of 13% in prime residences, ranked second, up from its 6th rank in the year-ago period. New Delhi, which recorded a rise of 10.6% year-on-year in prime residential property prices, made a stupendous jump in rankings from 26th a year earlier to third during the quarter under review.
Bengaluru saw a 3.7% increase in annual price rise, with its ranking remaining the same at 15th. Manila ranked first with a 26% annual rise during the quarter, while Los Angeles was at the 4th position with an 8.9% growth in prices.
The report attributes the strong price growth in prime residential properties in Mumbai and Delhi to the growing wealth and increasingly higher aspirations of the country's affluent population. \
Frequently Asked Questions
Which city ranked first in the annual housing price rise?
Manila ranked first with a 26% annual rise during the quarter.
Which cities ranked 2nd and 3rd globally in annual housing price rise?
Mumbai and Delhi ranked 2nd and 3rd globally in annual housing price rise, with 13% and 10.6% growth respectively.
What is the annual price growth across 44 cities globally?
The annual price growth across 44 cities globally slowed to 2.6% in the second quarter of 2024, from 4.1% in the preceding quarter.
Which city saw a decline in prices during the June quarter?
Wellington ranked last in the list, 44th, with an annual fall of 5.9% in prices during the June quarter.
What is the reason behind the strong price growth in prime residential properties in Mumbai and Delhi?
The report attributes the strong price growth in prime residential properties in Mumbai and Delhi to the growing wealth and increasingly higher aspirations of the country's affluent population.
Related News Articles
Unlocking Lucrative Opportunities: Key Insights for Successful Commercial Real Estate Investments
Venturing into commercial real estate can offer lucrative opportunities; however
Mumbai Real Estate Giant Macrotech Developers Sees 20% Surge in Q1 Sales
Strong housing demand drives Macrotech Developers' Q1 sales up 20% to Rs 4,030 crore, with a focus on Mumbai Metropolitan Region and Pune
Anant Raj Cloud Joins Forces with Google to Power India's Digital Revolution
Real Estate News - Get the latest updates on India's data center market and its growth potential...
Dharavi Redevelopment: Relaxation in Open Spaces
Dharavi Redevelopment: Relaxation in Open Spaces. 24 Sep 2024, Mumbai.
India's Housing Market Shows Robust Demand with Inventory Overhang at 22 Months
The Indian residential real estate market has witnessed a significant shift, with the inventory overhang dropping to 22 months in the June quarter, down from 34 months in the same period last year. This improvement highlights strong demand and a healthier
Anna Nagar: A Tale of Flooding and Unchecked Concretisation
Anna Nagar, once a well-planned residential area known for its high real estate prices, is now grappling with severe flooding and the consequences of uncontrolled concretisation. This story delves into the challenges faced by this high-profile neighborhoo