New Delhi: Mumbai ranked third and Delhi fifth among the top 44 cities globally in terms of housing price increases during the January-March 2024 period, as per the London-based global property consultancy firm Knight Frank's recent report ‘Prime Global Cities Index Q1 2024’. However, Bengaluru's ranking has also improved during this time.
It is pertinent to mention that Mumbai ranked sixth and Delhi 17th in the same period last year.
Mumbai sees 11.5% annual growth
As per the reports, Manila holds the first position with a 26.2 per cent annual growth in prices, followed by Tokyo at 12.5 per cent. Mumbai recorded an 11.5 per cent year-on-year (YoY) growth in prime residential prices in January-March 2024.
Delhi climbed from 17th position in January-March 2023 to 5th position in January-March 2024, experiencing a 10.5 per cent year-on-year (YoY) growth. Meanwhile, Bengaluru observed a decline in ranking from 16th place in Q1 2023 to 17th place in Q1 2024, despite recording a 4.8 per cent YoY growth in residential prices.
Knight Frank's Prime Global Cities Index (PGCI) is a valuation-based index that monitors the fluctuations in prime residential prices across 44 cities globally. The index utilizes data sourced from Knight Frank's extensive global research network and tracks nominal prices in local currencies.
According to Shishir Baijal, Chairman and Managing Director at Knight Frank India, there has been a robust demand for residential properties globally. This trend is particularly pronounced in the gateway markets of Asia-Pacific and EMEA (Europe, the Middle East, and Africa).
"Like its peers in these regions, the improved rankings of Mumbai and New Delhi on the Prime Global Cities Index was underscored by the resilience in sales growth volume. We expect the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged," he said.
The consultant noted that global housing price growth has strengthened. Across 44 cities globally, Knight Frank said the average annual house price growth rose by 4.1 per cent in the 12 months to March 2024. "Prices are rising at their fastest rate since the third quarter of 2022," it added.
(With PTI inputs)
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