Mumbai, Delhi see strong growth in prime property prices globally
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As India remains a resilient economy amid global headwinds, Mumbai and Delhi experienced robust annual growth in prime residential property prices among the top 44 cities worldwide in the first quarter (Q1 2024) this year.
According to the latest data from the Knight Frank 'Prime Global Cities Index Q1 2024’, with an 11.5 per cent (year-on-year) surge, Mumbai witnessed the highest jump among Indian cities in the January-March quarter.
Delhi saw 10.5 per cent annual house price growth.
At the top of the table is Manila with 26.2 per cent annual growth, followed by Tokyo at 12.5 per cent.
“Indian cities are experiencing strong growth, with Mumbai at 11.5 per cent and Delhi at 10.5 per cent,” the report mentioned.
With annual GDP growth running at over 8 per cent, strong economic growth across India has boosted house prices in the main cities, particularly in Delhi and Mumbai, according to the report.
The first quarter of 2024 witnessed an average annual growth rate of 4.1 per cent across the 44 markets covered by the ‘Knight Frank Prime Global Cities Index’, marking the strongest rate of growth since Q3 2022.
On a quarterly basis, price growth also showed signs of strengthening, with a 1.1 per cent increase in Q1 2024, up from a 0.3 per cent increase in the last quarter of 2023.
“Rather than heralding a return to boom conditions, the index indicates that upward price pressures are stemming from relatively healthy demand, set against continued low supply volumes,” said Liam Bailey, Knight Frank’s global head of research.
