Mumbai Ranks 7th on Prime Global Cities Index Q4 2024, Knight Frank Report Reveals
Knight Frank, a leading international property consultancy, has released its 'Prime Global Cities Index Q4 2024' report, which highlights Mumbai's impressive position at 7th place among the world's prime cities.
MumbaiPrime Global Cities IndexKnight FrankReal EstateProperty MarketReal Estate MumbaiFeb 10, 2025
Knight Frank, a renowned international property consultancy, released this report, which provides insights into the performance and trends of prime real estate markets across the globe.
Mumbai, known as the financial and entertainment capital of India, has long been a hub of economic activity and luxury living.
The city's robust infrastructure, combined with its strategic location and bustling economy, has made it an attractive destination for both domestic and international investors.
According to the report, the prime property market in Mumbai has shown impressive resilience and growth over the past year.
This can be attributed to several factors, including the city's strong economic fundamentals, a stable political environment, and ongoing urban development projects.
The Mumbai Metropolitan Region Development Authority (MMRDA) and the Maharashtra government have been actively involved in infrastructure improvements, which have further bolstered the city's appeal.
The report also highlights the increasing demand for high-end residential properties in key areas such as South Mumbai, Bandra, and Andheri.
These neighborhoods are home to some of the most prestigious real estate projects in the city, offering luxurious amenities and prime locations.
The presence of multinational corporations and high-net-worth individuals has further driven the demand for premium properties.
Knight Frank's analysis reveals that the average price of prime properties in Mumbai has increased by 5.2% over the past year, outpacing many other global cities.
This growth is expected to continue in the coming years, driven by continued economic development and urbanization.
However, the report also notes some challenges that the city faces.
These include traffic congestion, environmental concerns, and the need for sustainable urban planning.
Addressing these issues will be crucial for maintaining and enhancing Mumbai's position as a prime global city.
Despite these challenges, the future looks promising for Mumbai's real estate market.
The city's robust economic growth, coupled with government initiatives to improve infrastructure and urban planning, positions it well for continued success in the global real estate landscape.
Knight Frank, a leading international property consultancy, offers a wide range of services, including property sales, valuations, and market research.
With a global presence and deep expertise in the real estate sector, Knight Frank provides valuable insights and solutions to its clients, helping them navigate the complexities of the property market.
In conclusion, Mumbai's 7th position on the Prime Global Cities Index Q4 2024 is a testament to its growing importance in the global real estate market.
As the city continues to evolve and address its challenges, it is poised to remain a key player in the prime property sector.
Frequently Asked Questions
What is the Prime Global Cities Index?
The Prime Global Cities Index is a quarterly report compiled by Knight Frank that tracks the performance of prime residential real estate markets in major cities around the world.
How did Mumbai perform in the Prime Global Cities Index Q4 2024?
Mumbai ranked 7th on the Prime Global Cities Index Q4 2024, showcasing its strong performance and growing prominence in the global real estate market.
What are the key factors driving Mumbai's real estate market?
Key factors include strong economic fundamentals, a stable political environment, ongoing urban development projects, and the presence of high-net-worth individuals and multinational corporations.
What challenges does Mumbai face in its real estate sector?
Mumbai faces challenges such as traffic congestion, environmental concerns, and the need for sustainable urban planning. Addressing these issues is crucial for maintaining its position as a prime global city.
Who is Knight Frank?
Knight Frank is a leading international property consultancy that provides services such as property sales, valuations, and market research. It has a global presence and offers valuable insights to its clients in the real estate sector.
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