Mumbai ranked 2nd in the ‘Prime Global Cities Index Q2 2024’, as per Knight Frank, an international property consultancy.
According to a report, Mumbai is leading the annual price growth now. Mainly due to a strong demand for residential and luxury properties. This uptick mirrors trends observed in New Delhi and Bengaluru where high-end and premium property prices have risen due to robust demand.
The Knight Frank Prime Global Cities Index charts the prices of prime residential property across 44 cities worldwide. It said annual price growth had eased from 4.1% in Q1 to 2.6% in Q2 2024, below the long-term average of 5.3%.
According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, “The growth in sales across the Indian market has been driven by the premium segment. The rise in affluence of wealthy buyers and their demand for lifestyle-oriented properties has fueled this growth.”
The Manila index saw the most significant growth at an annual price increase of 26% in Q2 2024. By contrast, Dubai witnessed only a small drop in prices by 0.3% year-on-year after its 124% rise since 2020. Miami saw an 8% rise over the past year following its 77% increase since 2020.
European markets gain impetus—Stockholm tops six of the ten fastest-improving market. Against a backdrop of a slowdown in other cities, such as Madrid, Dubai, Christchurch, Wellington, and Auckland in New Zealand.
“The slowing pace of price growth this quarter across global prime markets suggests that, in the absence of further rate cuts, the recent surge in market pricing is running out of steam,” said Liam Bailey, global head of research at Knight Frank.
In sharp contrast, the performance of the Indian market has been outstanding. Mumbai ranked in at a prime residential price change of 13% year-on-year. Moving from sixth place for Q2 2023 to become the second-fastest-growing city globally in Q2 2024.
New Delhi rose from a ranking of 26th place in Q2 2023, which recorded a 10.6% increase, to third in Q2 2024. Bengaluru stuck at 15th place as it posted a rise of 3.7%.
These significant price increases in India’s major residential markets reflect the rising wealth and aspirations of the country’s affluent population. Meanwhile, the global prime residential price index rose 2.6% across 44 markets over the 12 months ending June 2024.
ANI
