Mumbai has secured the second spot, and New Delhi the third, in the Knight Frank’s Prime Global Cities Index, a report that tracks the rise in prime residential property prices across major cities worldwide. The latest data shows that Mumbai’s real estate prices increased by 13% over the past year, while New Delhi’s prices grew by 10.6%. Manila topped the global list with a remarkable 26% rise in property values.
Significant Price Increases in India’s Prime Cities
According to Knight Frank’s ‘Prime Global Cities Index Q2 2024,’ both Mumbai and New Delhi have experienced significant jumps in real estate prices. Mumbai, the country’s financial hub, saw a 13% year-on-year increase in prime residential property prices, propelling the city from sixth place in Q2 2023 to second place in Q2 2024. Similarly, New Delhi rose from 26th to 3rd position with a 10.6% increase in property prices. Meanwhile, Bengaluru maintained its 15th position with a modest 3.7% increase in prices.
Global Real Estate Trends: Mixed Performance
Globally, real estate markets showed mixed performance. The overall price growth in the 44 cities surveyed slowed from 4.1% in Q1 to 2.6% in Q2 2024, which is below the long-term average of 5.3%. While Manila led with a 26% rise, other cities like Dubai and Miami, which had seen substantial gains in recent years, are now experiencing slower growth. Dubai, after a 124% rise since 2020, saw a slight decline of 0.3% year-on-year. In contrast, European cities, particularly Stockholm, are gaining momentum, while markets in Madrid, Dubai, and New Zealand are seeing a slowdown. Experts believe that the future of price growth will largely depend on central banks’ willingness to cut interest rates further in the coming months.
Conclusion
The latest data from Knight Frank’s Prime Global Cities Index highlights the dynamic nature of the global real estate market, with cities like Mumbai and New Delhi making significant gains. While these Indian cities have shown robust growth, the global picture is more mixed, with some markets slowing down. The coming year will likely see further shifts in the market, largely influenced by economic policies and interest rate changes, making it a critical period for investors and property buyers alike.
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