Mumbai And Delhi Bag Second And Third Position In Global Residential Price Rise List

Mumbai and Delhi are at the second and third positions, respectively, among 44 cities globally in annual price rise of prime residential properties during the June quarter, Knight Frank said in a report.

The annual price growth across the 44 cities globally slowed to 2.6% in the second quarter of the 2024 calendar year, from 4.1% in the preceding quarter, real estate consultant Knight Frank report said.

Manila ranked first with a 26% annual rise during the quarter.

Mumbai, with an annual price rise of 13% in prime residences, ranked second, up from its 6th rank in the year-ago period.

New Delhi, which recorded a rise of 10.6% year-on-year in prime residential property prices, made a stupendous jump in rankings from 26th a year earlier to third during the quarter under review.

Bengaluru saw a 3.7% increase in annual price rise. Its ranking remained same at 15th.

"Being the largest residential markets of the country, the strong price growth in prime residential properties is a strong indicator of the growing wealth and increasingly higher aspirations of the country's affluent population," the consultant said.

Among other global cities, Los Angeles was at the 4th position with an 8.9% growth in prices, followed by Miami (7.1%), Nairobi (6.6%), Madrid (6.4%), Lisbon (4.7%), Seoul (4.6%), and San Francisco (4.5%).

Dubai, after a 124% increase since 2020, saw slight moderation, declining by 0.3% annually.

Prices declined in Vienna by 3.2%, while rates in Bangkok fell 3.9%.

Wellington ranked last in the list, 44th, with an annual fall of 5.9% in prices during the June quarter.