Real Estate in Mumbai: According to a report by Knight Frank, Mumbai has witnessed the second-highest increase in prime residential property prices globally in the second quarter of 2024. Residential Demand, specifically for high-end properties, is the driving factor behind Mumbai’s second position with a 13 per cent rise in property prices. New Delhi and Bengaluru also recorded an increase in their prime prices. residential marketsNew Delhi registered a year-on-year increase of 10.6 percent, moving from 26th place in Q2 2023 to 3rd place this quarter. Bengaluru, which maintained a stable performance with a 3.7 percent increase, remained at 15th place.
Manila topped the index
According to the Knight Frank Prime Global Cities Index for the second quarter of 2024, Manila topped the index with a 26% increase, with Los Angeles and Miami also showing notable growth, with prices up 8.9% and 7.1% respectively. Nairobi, Madrid, Lisbon, Seoul and San Francisco round out the top ten, with annual increases ranging from 6.6% to 4.5%. In contrast, the worst performing cities are Wellington, down 5.9%, Bangkok down 3.9% and Vienna, which saw a 3.2% drop. Globally, average annual price growth across the 44 cities surveyed slowed to 2.6%, down from 4.1% in the previous quarter and below the long-term average of 5.3%.
Increase in wealth
The country’s major residential markets bucked the global trend, with remarkable growth highlighting India’s growing wealth and the rising aspirations of the wealthy.
“He premium “The luxury segment continues to drive sales growth across the Indian market, with rising affluence of the affluent driving the premium residential market. We anticipate this trend to persist through 2024, supported by a robust economic outlook,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India. Liam Bailey, Global Head of Research, Knight Frank, commented on the global slowdown, saying, “The slowdown in price growth this quarter suggests that recent market gains are beginning to ebb. Future price increases will largely depend on central banks’ decisions regarding rate cuts in the year ahead.”
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