Mumbai Secures Second Spot Globally for Surge in Prime Property Prices
Mumbai ranks second globally with a 13% annual rise in prime residential property prices, up from 6th place last year.
Prime Property PricesMumbaiDelhiGlobal Real Estate MarketKnight FrankReal Estate MumbaiAug 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
Which city ranked second globally for the highest annual price increase in prime residential properties?
Mumbai
What was the annual increase in prime residential property prices in Mumbai?
13 per cent
Which city ranked third globally for the highest annual price increase in prime residential properties?
Delhi
What was the annual increase in prime residential property prices in Delhi?
10.6 per cent
Which city led the pack with an impressive 26 per cent annual increase in property prices?
Manila
Related News Articles
Keystone Realtors Raises Rs 800 Crore from Institutional Investors
Mumbai-based Keystone Realtors has raised Rs 800 crore by selling shares to institutional investors
Kerala Police Hand Over Mami Missing Case to Crime Branch to Avoid CBI Probe
The Kerala police have handed over the missing case of Mohammad Attur, a prominent real estate businessman, to the Crime Branch to prevent a CBI investigation.
Home Sales in Noida and Greater Noida Increase by 6% in Q3 2024
The residential property market in Noida and Greater Noida witnessed a 6% surge in registrations during the July-September quarter, with a total of 8,128 units sold, according to real estate consultant Square Yards.
Mumbai Real Estate Market Sees Significant Growth in 2024 with 1.41 Lakh Registrations
Mumbai's real estate market is on track to register 1,41,302 property registrations in 2024, marking an 11% increase from the previous year. The market is showing resilience and a growing preference for premium and spacious homes.
2025 Outlook: The Future of Commercial Real Estate in Tier-II and Tier-III Cities
In 2025, we can expect a significant rise in commercial real estate activity in Tier-II and Tier-III cities across India, driven by factors such as low operating costs, ample space, skilled talent, and infrastructure development.
Maharashtra's Transport Minister Pratap Sarnaik Invites CREDAI to Develop MSRTC Land
The Maharashtra Transport Minister, Pratap Sarnaik, has called on the Confederation of Real Estate Developers’ Associations of India (CREDAI) to participate in the development of 1,360 hectares of land owned by the Maharashtra State Road Transport Corpora