Mumbai has taken a significant leap in the “Prime Global Cities Index Q2 2024,” an index published by Knight Frank. The city now ranks as the second-fastest-growing in terms of annual price increases for luxury real estate. The reason behind this is the rising demand for high-end properties.
Mumbai rose from sixth place in Q2 2023 to the second spot in Q2 2024, with a 13% year-over-year increase in premium residential prices. The Indian market performed exceptionally well. Price increases for the top residential properties were observed in all major cities.
New Delhi jumped from 26th place in Q2 2023 to third place in Q2 2024, with a 10.6% increase. Bengaluru saw a 3.7% increase, maintaining its 15th position. In these cities, the value of premium and high-end properties has risen due to strong demand.
This demand for upscale residences has been a primary factor in driving overall sales in the Indian market this year. Across 44 markets, the global prime residential price index increased by 2.6% over the 12-month period ending in June 2024.
The index tracks the prices of premier residential properties across 44 cities worldwide. The premium category continues to drive sales growth in the Indian market, as shown by the price increases in Q2 2024.
Globally, the “Prime Global Cities Index” showed a slowdown in annual price growth. The increase dropped from 4.1% in the first quarter to 2.6% in the second quarter of 2024. Despite this, the index still surpassed its long-term average of 5.3%.
Manila topped the index with a 26% annual price increase in the second quarter of 2024. Dubai, after a 124% rise since 2020, saw a slight year-over-year decline of 0.3%. Miami, which has grown by 77% since 2020, recorded an 8% increase in the last year. In Europe, Stockholm led the way among six of the ten fastest-improving markets. However, growth is slowing in cities like Wellington, Auckland, Christchurch, and Dubai.
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