Mumbai, New Delhi Rank Among Top 5 Cities Globally, Sees Real Estate Price Appreciation; Bengaluru on Backfoot

Mumbai and New Delhi witness a significant surge in real estate prices in the first quarter of 2024, as reported by global consultancy firm Knight Frank. Meanwhile, Bengaluru experiences a modest rise in luxury home prices. The report, 'Prime Global Cities Index Q1 2024', highlights Mumbai's climb in the international index due to heightened demand, leading to a jump in rankings.
High-Rise Apartment

Mumbai, New Delhi Rank Among Top 5 Cities Globally, Sees Real Estate Price Appreciation; Bengaluru on Backfoot (Representative Image)

Photo : Times Now
Mumbai: In the first quarter of 2024, Mumbai and New Delhi emerged as two Indian cities to have witnessed a significant rise in their real estate prices, according to a report by global property consultancy firm Knight Frank, based in London. Meanwhile in Bengaluru, the average real estate prices for luxury homes rose by 4.8 per cent during the January-March quarter of 2024.
The report, titled 'Prime Global Cities Index Q1 2024', also marked Mumbai’s presence in the international index due to increased demand in the city, particularly for higher value properties. Mumbai moved up three places from its position in Q1-2023, and ranked third in year-on-year growth in prime residential prices in Q1-2024. Delhi-NCR too has jumped from 17th position to 5th in Q1-2024, with a 10.5 per cent annual growth in prices.

Even after a 4.8 per cent yearly growth in residential prices, Bengaluru’s ranking slightly declined from 16th to 17th place. Big Indian cities including Mumbai and New Delhi have seen a surge in house prices driven by strong economic growth. Due to this, the annual GDP growth exceeded 8 per cent in the last financial year 2023-24.

Who Earned the Top Spot

The top spot has been claimed by Manila, the capital city of the Philippines with a 26.2 per cent annual rise in prices. It is attributed to purchasing power and substantial infrastructure investments. Japan’s Tokyo rose 17 places with a 12.5 per cent yearly price growth, ranking 2nd in the index, despite Japan's overall population decline.
Shishir Baijal, Chairman and Managing Director at Knight Frank India, commented on the global trend of strong demand for residential properties, expecting stable sales momentum over the next few quarters due to unchanged economic conditions.
End of Article
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