Mumbai ranked 3rd and Delhi 5th among the top 44 cities globally in terms of appreciation of housing prices during the January-March 2024 period, according to the latest report by real estate consultancy, Knight Frank.
The report titled 'Prime Global Cities Index Q1 2024' states Mumbai recorded an 11.5% year-on-year (YoY) growth in prime residential prices. During the same period last year, Mumbai had ranked 6th and Delhi 17th.
Here is Knight Frank Prime Global Cities Index Q1 2024 (Ranked by annual % change)
| Rank | City | 12 month % change |
|---|---|---|
| 1 | Manila | 26.2 |
| 2 | Tokyo | 12.5 |
| 3 | Mumbai | 11.5 |
| 4 | Perth | 11.1 |
| 5 | Delhi | 10.5 |
| 6 | Seoul | 9.6 |
| 7 | Christchurch | 9.1 |
| 8 | Dubai | 8.6 |
| 9 | Los Angeles | 8.3 |
| 10 | Madrid | 7.6 |
Delhi And Bengaluru's Ranks
Delhi rose from 17th rank in January-March 2023 to 5th position in January-March 2024 with a growth of 10.5% YoY.
However, Bengaluru observed a decline in ranking from 16th place in Q1 2024 to 17th rank in Q1 2024, even while it recorded a 4.8% YoY growth in residential prices.
Global Housing Prices Show Upward Trend
Manila is at first position with a 26.2% annual growth in prices, followed by Tokyo at 12.5%. The consultancy firm noted that global housing price growth has strengthened. Across 44 cities globally, the average annual house price growth rose by 4.1% in the 12 months to March 2024. "Prices are rising at the fastest rate since the third quarter of 2022," the report said.
What Is The Prime Global Cities Index?
The Prime Global Cities Index (PGCI) is a valuation-based index, tracking the movement of prime residential prices across 44 cities worldwide using data from the consultancy's global research network. The index tracks nominal prices in local currency.
Shishir Baijal, chairman and managing director at Knight Frank India, said the strong demand trend for residential properties has been a global phenomenon, led by gateway markets of Asia-Pacific and EMEA.
"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.
(with PTI inputs)
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