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
CBRE Accelerates Growth with Elan Group's Facilities Management Deal
CBRE, a leading global real estate advisor, has taken over the facilities management of Elan Group's properties, emphasizing on sustainability initiatives and improving retail asset management.
Real Estate Developers in Hyderabad Demand Accountability for Approved Projects
Real estate developers in Hyderabad are urging the Telangana government to hold accountable the government agencies that issued approvals before demolishing projects. The issue has sparked debates about corruption, lax enforcement, and the ease of doing b
Indian Real Estate Sector Raises Rs 13,500 Crore through IPOs in 2024
The real estate sector in India has raised nearly Rs 13,500 crore through initial public offerings (IPOs) from the markets this year to date, marking a significant milestone in the industry's growth and investor interest.
Mumbai: Five Chhota Rajan Gang Members Arrested in Builder Extortion Case
Five alleged associates of Chhota Rajan, including a lawyer, were apprehended while collecting a partial payment of Rs 7 lakh from a prominent builder, Bhushan Walia.
Ahmedabad's Real Estate Values Soar with New Jantri Rates
Ahmedabad's real estate market is witnessing a significant surge with the Gujarat Revenue Department proposing new jantri rates after a decade. The proposed rates in Thaltej, a prime location, are expected to have a major impact on property values and the
Boosting the Indian Real Estate Sector: Urban Challenges, SWAMIH, and Tax Relief
While the Union Budget has not announced any specific measures for the real estate sector, initiatives like the Urban Challenge Fund, SWAMIH, and tax reliefs are playing a crucial role in revitalizing the Indian real estate market.