Mumbai and Auckland would lead the highest change in prime residential prices for 2024, says a report by international property brokerage major Knight Frank.
Both cities are forecast to experience an increase of 5%. Improving GDP figures, the city’s relative value and investment in infrastructure will be the prime influencers in pushing prices higher for the luxury housing market of Mumbai, the company said in its latest report. The average price for 26-global prime residential markets is expected to grow at 2% in 2024.
On the Prime Global Cities Index Q2 2023 by Knight Frank, Mumbai recorded the sixth highest year-on-year (YoY) growth in prime residential property prices globally in the April-June period of 2023 (Q2 2023). The Prime Global Cities Index is a valuation-based report tracking the movement of prime residential prices across 46 cities worldwide.
In Q2 2023, prime residential prices in Mumbai grew at 5.2% YoY. With an increase of 3.6% YoY, Bangalore ranked 20th on the index and New Delhi positioned itself at 26th with an increase of 0.2% YoY. Dubai completed eight quarters at the top position globally with an increase of 48.8% YoY in prime residential properties values. The average annual growth rate reached 1.5% across the covered markets. After Dubai, Tokyo registered a 26.2% increase, Manila 19.9%, Miami 7.5% and Shanghai 6.7% in Q2 2023.
Top 10 cities in Knight Frank Prime Global Cities Index Q2 2023
|
Rank |
City |
Annual change in property prices |
|
1 |
Dubai |
48.8% |
|
2 |
Tokyo |
26.2% |
|
3 |
Manila |
19.9% |
|
4 |
Miami |
7.5% |
|
5 |
Shanghai |
6.7% |
|
6 |
Mumbai |
5.3% |
|
7 |
Madrid |
5.1% |
|
8 |
Nairobi |
4.7% |
|
9 |
Lisbon |
4.7% |
|
10 |
Bangkok |
4.6% |
