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.
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