Mumbai and Delhi Shine in Global Prime Residential Price Rise Rankings
Mumbai and Delhi have ranked second and third globally in annual price rise of prime residential properties during the June quarter, according to a report by Knight Frank.
Real EstatePrime ResidentialPrice RiseMumbaiDelhiKnight FrankReal Estate NewsAug 23, 2024
Mumbai, with an annual price rise of 13% in prime residences, has jumped to the second position, up from its sixth rank in the year-ago period. New Delhi, which recorded a rise of 10.6% year-on-year in prime residential property prices, has made a significant 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. The strong price growth in prime residential properties in Mumbai and Delhi is a testament to the growing wealth and increasingly higher aspirations of the country's affluent population.
Manila ranked first with a 26% annual rise during the quarter, followed by Mumbai and Delhi. Los Angeles was at the fourth position with an 8.9% growth in prices, followed by Miami (7.1%), Nairobi (6.6%), Madrid (6.4%), Lisbon (4.7%), Seoul (4.6%), and San Francisco (4.5%).
In contrast, Dubai, after a 124% increase since 2020, saw a slight moderation, declining by 0.3% annually. Prices declined in Vienna by 3.2%, while rates in Bangkok fell 3.9%. Wellington ranked last in the list, 44th, with an annual fall of 5.9% in prices during the June quarter.
The report by Knight Frank highlights the resilience of the Indian residential market, despite the global slowdown. The growth in prime residential prices in Mumbai and Delhi is expected to continue, driven by the country's growing economy and increasing demand for luxury housing.
About Knight Frank Knight Frank is a leading global real estate consultancy that provides a comprehensive range of services to its clients. With a presence in over 500 offices across 60 countries, the company has a deep understanding of the global real estate market and provides expert advice to its clients.
Information The global prime residential market has been witnessing a slowdown in price growth, with the annual price increase across 44 cities slowing to 2.6% in the second quarter of 2024. However, Mumbai and Delhi have bucked this trend, ranking second and third globally in terms of annual price rise.
Knight Frank is a leading global real estate consultancy that provides a comprehensive range of services to its clients. With a presence in over 500 offices across 60 countries, the company has a deep understanding of the global real estate market and provides expert advice to its clients.
Frequently Asked Questions
Which city ranked first in terms of annual price rise in prime residential properties?
Manila ranked first with a 26% annual rise during the quarter.
Which city ranked second in terms of annual price rise in prime residential properties?
Mumbai ranked second with an annual price rise of 13% in prime residences.
Which city ranked third in terms of annual price rise in prime residential properties?
New Delhi ranked third with a rise of 10.6% year-on-year in prime residential property prices.
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.
Which city ranked last in terms of annual price rise in prime residential properties?
Wellington ranked last in the list, 44th, with an annual fall of 5.9% in prices during the June quarter.
Related News Articles
Keystone Realtors Raises Rs 800 Crore from Institutional Investors
Mumbai-based Keystone Realtors has raised Rs 800 crore by selling shares to institutional investors
Kerala Police Hand Over Mami Missing Case to Crime Branch to Avoid CBI Probe
The Kerala police have handed over the missing case of Mohammad Attur, a prominent real estate businessman, to the Crime Branch to prevent a CBI investigation.
Home Sales in Noida and Greater Noida Increase by 6% in Q3 2024
The residential property market in Noida and Greater Noida witnessed a 6% surge in registrations during the July-September quarter, with a total of 8,128 units sold, according to real estate consultant Square Yards.
Mumbai Real Estate Market Sees Significant Growth in 2024 with 1.41 Lakh Registrations
Mumbai's real estate market is on track to register 1,41,302 property registrations in 2024, marking an 11% increase from the previous year. The market is showing resilience and a growing preference for premium and spacious homes.
2025 Outlook: The Future of Commercial Real Estate in Tier-II and Tier-III Cities
In 2025, we can expect a significant rise in commercial real estate activity in Tier-II and Tier-III cities across India, driven by factors such as low operating costs, ample space, skilled talent, and infrastructure development.
Maharashtra's Transport Minister Pratap Sarnaik Invites CREDAI to Develop MSRTC Land
The Maharashtra Transport Minister, Pratap Sarnaik, has called on the Confederation of Real Estate Developers’ Associations of India (CREDAI) to participate in the development of 1,360 hectares of land owned by the Maharashtra State Road Transport Corpora