Mumbai Leaps to Second Spot in Global Prime Property Price Surge
Mumbai secures second position globally for highest annual price increase in prime residential properties, with a 13% rise in the June quarter.
MumbaiPrime Property PricesGlobal Real Estate MarketKnight Frank IndiaDelhiReal Estate MaharashtraAug 23, 2024
According to Knight Frank's latest report, Mumbai's prime residential prices rose by 13 per cent in the June quarter, a significant leap from its previous 6th place ranking a year ago. This surge highlights the city's growing appeal and robust property market.
Delhi also saw a remarkable improvement, climbing to third place with a 10.6 per cent rise in prime residential property prices. This marks a substantial advancement from its 26th position in the same quarter last year.
Globally, the overall price growth for prime residential properties across the 44 cities slowed to 2.6 per cent in the second quarter of 2024, down from 4.1 per cent in the preceding quarter. Manila led the pack with an impressive 26 per cent annual increase in property prices.
Other notable cities include Los Angeles, which ranked 4th with an 8.9 per cent growth, and Miami, with a 7.1 per cent increase. Dubai, despite a dramatic 124 per cent rise since 2020, saw a slight moderation with a 0.3 per cent annual decline.
On the contrary, Vienna and Bangkok experienced declines in property prices, falling by 3.2 per cent and 3.9 per cent, respectively. Wellington faced the steepest drop, with a 5.9 per cent decrease in prices, ranking 44th.
Frequently Asked Questions
What is the ranking of Mumbai in terms of annual price increase in prime residential properties?
Mumbai ranks second globally with a 13% annual rise in prime residential property prices.
Which city led the pack in terms of annual price increase in prime residential properties?
Manila led the pack with an impressive 26 per cent annual increase in property prices.
What is the overall price growth for prime residential properties across the 44 cities?
The overall price growth for prime residential properties across the 44 cities slowed to 2.6 per cent in the second quarter of 2024.
Which cities experienced declines in property prices?
Vienna and Bangkok experienced declines in property prices, falling by 3.2 per cent and 3.9 per cent, respectively.
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