According to Knight Frank's "Prime Global Cities Index Q1 2024," Mumbai and Delhi have seen remarkable increases in global housing price rankings. Mumbai leaped from sixth to third place, with prime residential property prices rising 11.5% year-on-year (YoY) in Q1 2024. Delhi also improved significantly, moving from 17th to 5th place, with a 10.5% YoY growth. The report highlights growing demand and market resilience in these cities. Globally, the average annual house price growth is 4.1%, with Manila and Tokyo experiencing even higher surges. Experts anticipate continued positive momentum in Mumbai and Delhi amid stable economic conditions.
Mumbai and Delhi have witnessed a remarkable surge in global housing price rankings, according to a report by Knight Frank, a leading international property consultancy. This positive trend signifies growing demand and a resilient market in these key Indian cities.
Mumbai's performance is particularly impressive. The city jumped from sixth place to third globally in terms of year-on-year growth (YoY) in prime residential property prices during the first quarter of 2024 (January-March). This translates to an impressive 11.5% increase in prime residential property prices compared to the same period last year. This significant rise is attributed to a surge in demand across all housing segments, with a notable increase in sales of higher-value properties.
Delhi also experienced a substantial improvement, climbing from 17th to 5th position in the rankings. This rise reflects a 10.5% YoY growth in prime residential property prices. While Bengaluru saw a slight decline in ranking (16th to 17th), it still recorded a positive growth of 4.8% in residential prices.
The Knight Frank report, titled "Prime Global Cities Index Q1 2024," tracks the movement of prime residential prices in 44 major cities worldwide. Globally, the average annual house price growth has risen by 4.1%, signifying a continued rebound in housing markets. This growth is driven by healthy demand set against a backdrop of limited housing supply.
Experts believe that the positive momentum experienced in Mumbai and Delhi is likely to continue in the near future. Stable economic conditions are expected to support ongoing sales growth. However, a potential shift in global interest rates could encourage more sellers to enter the market, increasing liquidity.
The rise in housing prices in Mumbai (11.5%) and Delhi (10.5%) highlights a growing demand for quality residential space in these major Indian cities. While this is positive news for the overall market, potential homebuyers may need to factor in these significant price increases when making purchasing decisions.
While Mumbai and Delhi witnessed impressive growth, other cities around the world are experiencing even more dramatic increases in prime residential property prices. Manila, the Philippines' capital, leads the pack with a staggering 26.2% annual rise. Tokyo also saw a significant jump, climbing 17 places in the rankings to secure the second spot with a 12.5% YoY growth. This data, based on the Knight Frank Prime Global Cities Index, which tracks price movements in local currency, highlights the global nature of the housing market rebound, driven by strong demand and limited supply.
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