Mumbai Records Third-Highest Surge in Luxury Housing Prices Globally
Mumbai's prime residential prices surge 11.5% year-on-year, ranking third globally, as India's economic growth drives demand in luxury housing market.
Property PricesPrime ResidentialLuxury HousingMumbaiDelhiKnight FrankPrime Global Cities IndexIndiaEconomic GrowthReal Estate NewsJun 29, 2024
Mumbai's significant rise on the international index was largely due to the rise in demand in the city, with strong sales growth volume across all segments, particularly in high-value products. Delhi also experienced significant growth, with prices rising by 10.5% year-on-year, marking a notable improvement from the previous year.
The global prime residential price index has seen a significant uptick, registering a 4.1% increase across 44 markets in the twelve months leading up to March 2024. This marks the fastest price growth rate since the third quarter of 2022.
Manila claimed the top spot in this ranking, boasting a 26.2% annual rise in residential prices for the quarter, the highest among all cities surveyed. Tokyo surged up the rankings, climbing 17 places with a robust 12.5% year-on-year increase, securing the second position in the latest index.
Knight Frank attributed the surges to India's robust economic growth, with GDP exceeding 8% annually. The company's Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide.
Frequently Asked Questions
What was the percentage increase in prime residential prices in Mumbai in Q1 2024?
11.5%
Which city ranked first in the Prime Global Cities Index Q1 2024?
Manila
What was the annual GDP growth rate of India that contributed to the surge in luxury housing prices?
Exceeding 8%
Which Indian city recorded a 10.5% year-on-year increase in luxury residential prices in Q1 2024?
Delhi
What is the Prime Global Cities Index?
A valuation-based index tracking the movement of prime residential prices across 46 cities worldwide.
Tags:
Related News Articles
Revolutionizing Real Estate: Dubai's Smart Tech Innovations
Dubai's real estate sector is leading the way in innovative developments, utilizing smart technology to transform urban living and enhance property projects.
Unlocking Real Estate Investment Trusts (REITs): A Key Player in India's Property Market
Real Estate Investment Trusts (REITs) are companies that own, operate, or finance income-generating real estate, providing a unique opportunity for investors to earn dividends without directly managing properties.
Real Estate Advertising Leads Misleading Ad Violations as ASCI Tightens Scrutiny
The Advertising Standards Council of India (ASCI) flagged over 3000 misleading ads in the first half of 2024-25, with the real estate sector accounting for 34% of the violations.
Stock Market for Beginners: Chandan Taparia's 'E' Strategy for Long-Term Growth
Discover Chandan Taparia's 'E' strategy for long-term investments in the stock market, focusing on e-commerce, electric vehicles, and green energy sectors.
Maharashtra Assembly Polls: BJP and Congress Gear Up with Media Engagement Teams
Ahead of the Maharashtra Assembly elections, BJP and Congress announce their media engagement teams to address the public and counter fake narratives.
Kolte-Patil Developers Signs Major 22-Acre Joint Development Project in Pune
Kolte-Patil Developers, a prominent name in the real estate sector, has announced a significant joint development project in Pune. Spanning 22 acres, this project is expected to bring substantial changes to the real estate landscape of the city.