Mumbai recorded a notable increase in the international index for prime residential property prices in the second quarter of this year, climbing to second place globally for annual price growth. This surge reflects a strong demand for high-end properties in the city, according to a report released on Friday.
The Knight Frank data revealed that Mumbai experienced a 13 per cent year-on-year rise in prime residential prices, marking the second highest growth globally for Q2 2024. This performance propelled Mumbai from sixth place in Q2 2023 to second position.
New Delhi also saw significant improvement, with prime residential prices rising by 10.6 per cent year-on-year, advancing from 26th place in Q2 2023 to third place in Q2 2024. Bengaluru, with a 3.7 per cent increase, maintained its 15th place ranking.
Shishir Baijal, Chairman and Managing Director at Knight Frank India, attributed the growth to the premium segment driving sales across the Indian market. "The increasing affluence of the wealthy and their demand for lifestyle-oriented properties have fuelled the prime residential market," he said.
The 'Prime Global Cities Index Q2 2024' tracks prime residential price movements across 44 cities worldwide. The index showed a slowdown in annual price growth from 4.1 per cent in Q1 to 2.6 per cent in Q2 2024, below the long-term average of 5.3 per cent. Manila topped the list with a 26 per cent annual rise in Q2.
Globally, the prime residential price index rose by 2.6 per cent over the 12-month period ending June 2024. Baijal anticipates this momentum to continue through 2024, supported by a strong economic outlook.
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