Real Estate
Mumbai Sees Third-Highest Jump in Prime Residential Property Prices Globally
By GeoSquare News Desk · Published 2024-06-29
The Indian city of Mumbai has seen the third-highest jump in prime residential property prices globally, with an 11.5% year-on-year increase in Q1 2024, according to the latest report from Knight Frank's Prime Global Cities Index. Delhi followed closely, with a 10.5% rise in luxury residential prices, securing fifth place globally. Mumbai's significant rise can be attributed to the rise in demand in the city, particularly for higher-value products. 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.
The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide. Knight Frank attributed the surges in Mumbai and Delhi to India's robust economic growth, with GDP exceeding 8% annually. Shishir Baijal, Chairman and Managing Director at Knight Frank India, said that the strong demand trend for residential properties has been a global phenomenon, led by gateway markets of Asia-Pacific and EMEA.
The report also highlighted that 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. Manila claimed the top spot, boasting a 26.2% annual rise in residential prices for the quarter. Liam Bailey, Knight Frank's Global Head of Research, said that the rebound in global housing markets is continuing, as evidenced by the Prime Global Cities Index reaching 4.1% annual growth.
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Knight Frank is a global real estate consultancy firm that provides expert advice to buyers, sellers, and owners of prime residential property. The firm's Prime Global Cities Index is a widely recognized benchmark for tracking the performance of prime residential markets around the world.
Knight Frank is a leading global real estate consultancy firm with a strong presence in over 50 countries. The firm provides expert advice to buyers, sellers, and owners of prime residential property, and is known for its in-depth research and analysis of global property markets.