As per Knight Frank’s latest report on prime residential property prices, Mumbai and Delhi have emerged as top players in the global real estate market. In the second quarter of 2024, Mumbai ranked second and Delhi third among 44 cities worldwide for annual price increases in luxury real estate.
Mumbai saw a 13% rise in property prices, jumping from 6th to 2nd place in just a year. Delhi also saw substantial growth, as prices rose 10.6% from 26th to 3rd place. Bengaluru, another major Indian city, was up 3.7% annually and kept its 15th-place ranking.
The report highlights that the overall global price growth slowed to 2.6% in June, down from 4.1% in the previous quarter. Manila led the global list with a remarkable 26% annual rise in property prices.
Knight Frank attributes the strong price growth in Mumbai and Delhi to India’s affluent population’s rising wealth and aspirations, indicating a robust demand for luxury properties in these cities.
Globally, other notable markets included Los Angeles, which ranked 4th with an 8.9% increase, and Miami, which saw a 7.1% rise. However, cities like Dubai, Vienna, and Bangkok experienced price declines, with Wellington seeing the largest drop at 5.9% during the June quarter.
