Mumbai Sees Significant Leap in Global Prime Property Rankings
Mumbai records 13% YoY price rise in prime residences, achieving second-highest annual growth globally in Q2 2024
MumbaiPrime PropertyReal EstateKnight FrankGlobal RankingsReal EstateAug 23, 2024
The rise underscores the strong demand for high-end properties in the city. Mumbai's growth is followed by New Delhi, which saw a 10.6 percent increase in prime residential property prices year-on-year, dramatically improving its global ranking from 26th place in Q2 2023 to third place in Q2 2024.
Bengaluru experienced a more modest increase of 3.7 percent in prime residential prices, but its ranking remained unchanged at 15th position in both Q2 2023 and Q2 2024. The data highlights Mumbai's and New Delhi's robust performance in the global real estate market, driven by a surge in demand for premium residential properties.
Frequently Asked Questions
What is the Prime Global Cities Index Q2 2024?
The Prime Global Cities Index Q2 2024 is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide.
Which city led the index with the highest annual rise in prime residential prices for Q2 2024?
Manila led the index with a significant 26% annual rise in prime residential prices for Q2 2024.
What is the expected outlook for the prime residential market in 2024?
The momentum is expected to sustain in 2024, as the economic outlook continues to remain strong and keeps sentiments buoyant.
What is the main driver of sales growth across the Indian market?
The premium segment has been the primary driver of sales growth across the Indian market.
Which cities have seen significant growth in prime residential property prices in Q2 2024?
Mumbai and New Delhi have seen significant growth in prime residential property prices in Q2 2024, with Mumbai recording a 13% YoY price rise and New Delhi recording a 10.6% YoY price rise.
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