Mumbai, New Delhi, and Bengaluru have seen an uptick in annual prime residential property prices in Q3 2023, according to the 'Prime Global Cities Index Q3 2023' by Knight Frank. Mumbai surged by 6.5 percent, elevating it to the fourth position, compared to the 22nd rank in Q3 2022. New Delhi leaped from the 36th rank to secure the 10th spot with a 4.1 percent year-on-year growth, while Bengaluru moved from 27th to 17th with a 2.2 percent year-on-year rise. A 2.1 percent average growth was reported across 46 global markets in prime residential prices over the year ending September 2023.
During the third quarter of 2023, the city of Mumbai, along with New Delhi and Bengaluru, witnessed an upsurge in the average annual prices of prime residential and luxury properties, according to the 'Prime Global Cities Index Q3 2023' presented by Knight Frank. Mumbai, in particular, exhibited an impressive 6.5 percent increase in prime residential prices, propelling it from its former 22nd rank in Q3 2022 to a distinguished fourth place. New Delhi and Bengaluru followed suit, experiencing positive shifts in their index rankings.
New Delhi transitioned from the 36th rank in Q3 2022 to secure the 10th position in Q3 2023, driven by a notable 4.1 percent year-on-year growth. Bengaluru also observed progress, advancing from the 27th rank in Q3 2022 to the 17th rank in Q3 2023, marked by 2.2 percent year-on-year growth. The comprehensive report further disclosed that the 12-month period ending in September 2023 witnessed an average annual increase of 2.1 percent in prime residential prices across 46 global markets.
This growth rate represents the most robust expansion since Q3 2022, with approximately 67 percent of the cities experiencing growth on an annual basis. At the pinnacle of the ranking was Manila, showcasing a remarkable annual price rise of 21.2 percent. This achievement was attributed to substantial domestic and foreign investments that fuelled the city's real estate market. In contrast, San Francisco emerged as the weakest-performing market, characterized by a notable decline of 9.7 percent year-on-year.
As India continues to undergo significant urbanization, with more individuals migrating from rural areas to metropolitan regions, there is a noticeable increase in the demand for luxury homes in major cities and metropolitan centres. Consequently, luxury real estate presents itself as a promising and profitable investment avenue.
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