Mumbai Sees Significant Leap in Global Prime Property Rankings with 13% Price Rise
Mumbai's prime residential properties have witnessed a remarkable 13% year-on-year price rise, securing the second spot globally.
MumbaiPrime PropertyReal EstateKnight FrankGlobal RankingsReal Estate MumbaiAug 23, 2024
The city recorded a 13 percent year-on-year increase in prime residential prices, pushing Mumbai up from its sixth position in Q2 2023 to second place in the global rankings for Q2 2024. This remarkable growth underscores the strong demand for high-end properties in the city.
New Delhi also saw a significant rise in prime residential property prices, with a 10.6 percent increase year-on-year. This substantial rise dramatically improved its global ranking, moving 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 price rise in Q2 2024?
Manila led the index with a significant 26% annual rise in prime residential prices for Q2 2024.
What is the expected momentum 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 primary driver of sales growth in the Indian market?
The premium segment has been the primary driver of sales growth across the Indian market.
Who is the Chairman and Managing Director of Knight Frank India?
Shishir Baijal is the Chairman and Managing Director of Knight Frank India.
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