Mumbai Sees Third Highest Property Price Rise Globally in Q1 2024
Mumbai and New Delhi recorded an increase in their average annual property prices, while Bangalore witnessed a slight drop in prime residential or luxury homes in Q1 2024.
Property PricesMumbaiNew DelhiBangaloreKnight FrankPrime Global Cities IndexReal Estate MumbaiJun 14, 2024
Mumbai recorded the third highest year-on-year (YoY) growth in prime residential prices in Q1 2024, pushing it up the ranking table by three places to third position from its sixth position in Q1 2023. NCR rose from 17th rank in Q1 2023 to fifth in Q1 2024 with a growth of 10.5% YoY. However, Bangalore observed a decline in ranking from 16th place in Q1 2024 to 17th rank in Q1 2024, even while it recorded a 4.8% YoY growth in residential prices.
India’s main cities, notably New Delhi and Mumbai, have witnessed a surge in house prices driven by robust economic growth, as indicated by our findings, with annual GDP growth exceeding 8%.
Knight Frank is a global real estate consultancy firm that provides expert advice to developers, investors, and occupiers across the globe. With a strong presence in India, Knight Frank India offers a comprehensive range of services, including valuation, research, and consultancy.
Knight Frank India is a leading international property consultancy firm, having a strong presence in India since 2009. The firm offers a comprehensive range of services, including valuation, research, and consultancy, to developers, investors, and occupiers across the country.
Frequently Asked Questions
Which city recorded the highest YoY growth in prime residential prices in Q1 2024?
Manila recorded the highest YoY growth in prime residential prices in Q1 2024, with a growth of 26.2%.
What is the ranking of Mumbai in the Prime Global Cities Index Q1 2024?
Mumbai ranked third in the Prime Global Cities Index Q1 2024, with a YoY growth of 11.5%.
What is the main reason for the surge in house prices in Mumbai and New Delhi?
The main reason for the surge in house prices in Mumbai and New Delhi is robust economic growth, with annual GDP growth exceeding 8%.
Which city recorded a decline in ranking in the Prime Global Cities Index Q1 2024?
Bangalore recorded a decline in ranking in the Prime Global Cities Index Q1 2024, from 16th place to 17th place.
What is the growth rate of global prime residential price index in the 12-month period ending March 2024?
The global prime residential price index grew at a rate of 4.1% in the 12-month period ending March 2024.
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