According to Knight Frank, Mumbai ranks third and Delhi fifth among the top 44 cities globally in terms of housing price growth during the January-March 2024 period.
In the same period last year, Mumbai was at sixth position and Delhi at 17th position.
Manila ranked first with a 26.2 percent annual increase in prices, followed by Tokyo with 12.5 percent.
In its report 'Prime Global Cities Index Q1 2024', real estate consultant Knight Frank said Mumbai recorded 11.5 per cent year-on-year (YoY) growth in prime residential prices in January-March 2024.
Delhi moved from 17th position in January-March 2023 to 5th position in January-March 2024, an increase of 10.5 percent year-on-year.However, Bengaluru's ranking dropped from 16th in Q1 2024 to 17 in Q1 2024, even as it recorded a 4.8 per cent year-on-year rise in residential prices.
Knight Frank said the Prime Global Cities Index (PGCI) is a valuation-based index that tracks the movements of prime residential prices in 44 cities around the world using data from its global research network. The index tracks nominal prices in local currency.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said the strong demand trend for residential properties has been a global phenomenon, led by the gateway markets of Asia-Pacific and EMEA.
“Like their counterparts in these regions, the improved ranking of Mumbai and New Delhi on the Prime Global Cities Index was underpinned by resilience in the volume of sales growth.We expect the sales pace to remain stable over the next few quarters depending on the economic situation. "Likely to remain broadly unchanged," he said.
The adviser said global house price growth has strengthened.
Knight Frank said the average annual house price in 44 cities globally is expected to increase by 4.1 per cent in the 12 months to March 2024. “Prices are rising at the fastest rate since the third quarter of 2022,” it said."
In the same period last year, Mumbai was at sixth position and Delhi at 17th position.
Manila ranked first with a 26.2 percent annual increase in prices, followed by Tokyo with 12.5 percent.
In its report 'Prime Global Cities Index Q1 2024', real estate consultant Knight Frank said Mumbai recorded 11.5 per cent year-on-year (YoY) growth in prime residential prices in January-March 2024.
Delhi moved from 17th position in January-March 2023 to 5th position in January-March 2024, an increase of 10.5 percent year-on-year.However, Bengaluru's ranking dropped from 16th in Q1 2024 to 17 in Q1 2024, even as it recorded a 4.8 per cent year-on-year rise in residential prices.
Knight Frank said the Prime Global Cities Index (PGCI) is a valuation-based index that tracks the movements of prime residential prices in 44 cities around the world using data from its global research network. The index tracks nominal prices in local currency.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said the strong demand trend for residential properties has been a global phenomenon, led by the gateway markets of Asia-Pacific and EMEA.
“Like their counterparts in these regions, the improved ranking of Mumbai and New Delhi on the Prime Global Cities Index was underpinned by resilience in the volume of sales growth.We expect the sales pace to remain stable over the next few quarters depending on the economic situation. "Likely to remain broadly unchanged," he said.
The adviser said global house price growth has strengthened.
Knight Frank said the average annual house price in 44 cities globally is expected to increase by 4.1 per cent in the 12 months to March 2024. “Prices are rising at the fastest rate since the third quarter of 2022,” it said."
