Mumbai and Delhi Shine in Global Property Price Index, Ranking 2nd and 3rd Respectively
Mumbai and Delhi have secured the 2nd and 3rd spots globally in terms of annual price rise of prime residential properties, according to a recent report by Knight Frank.
Global Property Price IndexMumbaiDelhiPrime Residential PropertiesKnight FrankReal Estate MumbaiAug 24, 2024
Mumbai saw an impressive 13% annual price rise in prime residences, jumping from 6th rank in the previous year to 2nd position this year. New Delhi, on the other hand, recorded a 10.6% year-on-year rise in prime residential property prices, making a significant leap from 26th rank to 3rd position.
Bengaluru witnessed a moderate 3.7% increase in annual price rise, retaining its 15th rank. According to Knight Frank, the strong price growth in prime residential properties in these cities is a testament to the growing wealth and aspirations of India's affluent population.
Other global cities that made it to the top 10 include Los Angeles (4th), Miami (5th), Nairobi (6th), Madrid (7th), Lisbon (8th), Seoul (9th), and San Francisco (10th). Dubai, however, saw a slight moderation in prices after a 124% increase since 2020, with a 0.3% annual decline.
On the other hand, prices declined in Vienna by 3.2%, while rates in Bangkok fell 3.9%. Wellington ranked last in the list, with an annual fall of 5.9% in prices during the June quarter.
The annual price growth across the 44 cities globally slowed to 2.6% in the second quarter of the 2024 calendar year, from 4.1% in the preceding quarter.
Knight Frank is a leading global real estate consultancy, providing expert advice on all aspects of commercial and residential property. With a strong presence in India, the firm has been tracking the country's property market trends and providing valuable insights to investors and developers.
The Global Property Price Index is a quarterly report that tracks the performance of prime residential property prices across 44 cities worldwide. The report provides a comprehensive overview of the global property market, highlighting trends and patterns that shape the industry.
Frequently Asked Questions
Which city ranked first in the Global Property Price Index?
Manila ranked first with a 26% annual rise in prime residential property prices.
What was the annual price rise in Mumbai?
Mumbai saw an impressive 13% annual price rise in prime residences.
Which city ranked last in the Global Property Price Index?
Wellington ranked last in the list, with an annual fall of 5.9% in prices during the June quarter.
What is the Global Property Price Index?
The Global Property Price Index is a quarterly report that tracks the performance of prime residential property prices across 44 cities worldwide.
Who publishes the Global Property Price Index?
Knight Frank publishes the Global Property Price Index.
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