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.
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