London: Two Indian cities were ranked top in the global property price increase. ‘Prime Global Cities Index Q1 2024’ released by London-based global property consultancy firm Knight Frank has revealed this.
As per the report, Mumbai and New Delhi recorded a sharp annual increase in their real estate prices. Mumbai reported a 10% price growth in the past 12 months. Mumbai recorded the third highest year-on-year growth in prime residential prices during the quarter. Thus, Mumbai is now placed in3rd position from its 6th position in Q1 2023.
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The report further said the National Capital Region rose fifth rank in first quarter of 2024 with a growth of 10.5% on a yearly basis against 17th the same period of 2023. However, Bengaluru observed a decline in ranking from 16th place in Q1 2023 to 17th rank in Q1 2024. Bengaluru recorded a 4.8% YoY growth in residential prices.
The rise in global prime residential price index was recorded at 4.1 % across the 44 markets in the 12 months ending March 2024 where prices are rising at their fastest rate since the third quarter of 2022.Manila, the capital city of Philippines, claimed the top spot in the ranking with a 26.2% annual rise in prices. Tokyo in Japan jumped 17% up with 12.5% yearly price growth and ranked 2nd in the index.
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