Mumbai and New Delhi Shine in Global Property Price Index, Ranking 2nd and 3rd Respectively
Mumbai and New Delhi have emerged as the top performers in the global property price index, with Mumbai ranking 2nd and New Delhi ranking 3rd in terms of annual price rise in prime residential properties.
Real EstateProperty PricesMumbaiNew DelhiGlobal Property Price IndexReal EstateAug 24, 2024
Mumbai, with an annual price rise of 13 per cent in prime residences, has ranked second in the global index, up from its 6th rank in the year-ago period. New Delhi, which recorded a rise of 10.6 per cent year-on-year in prime residential property prices, has made a stupendous jump in rankings from 26th a year earlier to third during the quarter under review.
Bengaluru, another major Indian city, saw a 3.7 per cent increase in annual price rise, with its ranking remaining the same at 15th. The strong price growth in prime residential properties in these cities is a strong indicator of the growing wealth and increasingly higher aspirations of the country's affluent population.
Among other global cities, Los Angeles was at the 4th position with an 8.9 per cent growth in prices, followed by Miami (7.1 per cent), Nairobi (6.6 per cent), Madrid (6.4 per cent), Lisbon (4.7 per cent), Seoul (4.6 per cent), and San Francisco (4.5 per cent). Dubai, after a 124 per cent increase since 2020, saw a slight moderation, declining by 0.3 per cent annually.
On the other hand, prices declined in Vienna by 3.2 per cent, while rates in Bangkok fell 3.9 per cent. Wellington ranked last in the list, 44th, with an annual fall of 5.9 per cent in prices during the June quarter.The report by real estate consultant Knight Frank highlights the resilience of the Indian real estate market, particularly in the prime residential segment.
Frequently Asked Questions
What is the ranking of Mumbai in the global property price index?
Mumbai has ranked 2nd in the global property price index, with an annual price rise of 13 per cent in prime residences.
What is the ranking of New Delhi in the global property price index?
New Delhi has ranked 3rd in the global property price index, with an annual price rise of 10.6 per cent 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 has slowed down to 2.6 per cent from 4.1 per cent in the preceding quarter.
Which city has seen the highest decline in property prices?
Wellington has seen the highest decline in property prices, with an annual fall of 5.9 per cent in prices during the June quarter.
What is the ranking of Bengaluru in the global property price index?
Bengaluru has ranked 15th in the global property price index, with a 3.7 per cent increase in annual price rise.
Related News Articles
Maharashtra Takes a Giant Leap in Semiconductor Manufacturing with RRP Electronics Ltd's New Facility
RRP Electronics Ltd launches Maharashtra's first OSAT/ATMP semiconductor manufacturing facility, marking a major milestone in India's semiconductor mission.
Maharashtra Government Thinktank Sanjiv Committee Removes Deputy CM Shinde's Aide Ajay Ashar
In a significant move, Ajay Ashar, a close aide of Maharashtra Deputy Chief Minister Eknath Shinde and a prominent real estate developer, has been dropped from the state government's thinktank, the Sanjiv Committee. This decision has been lauded by Sanjay
Luxury Living in Mumbai: Bollywood's Ronit Roy Snaps Up INR 18.94 Crore Apartment
Bollywood actor Ronit Roy acquires a luxury apartment in Versova, Mumbai, underscoring the city's robust real estate market, which has seen a rise in property sales despite rising mortgage rates.
India Shines as a Premier Investment Destination in APAC's Luxury Real Estate Market
Delhi has emerged as a prominent city in the APAC luxury real estate market, ranking 5th on the annual prime residential price growth index with a 6.5% YoY increase in luxury property prices.
Revamping Slums: Dharavi's Redevelopment Model to Inspire Other States
Dr. Niranjan Hiranandani, Chairman of Hiranandani Group, believes the Dharavi redevelopment scheme will set a new standard for slum redevelopment across India.
Luxury Housing in Delhi-NCR: Poised for Significant Growth
The luxury housing sector in Delhi-NCR is set to witness substantial growth, with prominent micro-markets like Golf Course Road, Dwarka Expressway, and Greater Noida attracting significant investment and development.