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.
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