In the time frame of April- June 2023, Mumbai witnessed a 5.2 percent year-on-year escalation in prices of prime residential property.
In Q2 2023, Bengaluru secured the 20th position with a 3.6 percent year-on-year rise, while New Delhi positioned itself 26th with a marginal 0.2 percent year-on-year growth. This information is sourced from the Prime Global Cities Index Q2 2023 report
Dubai sustained its global lead for eight consecutive quarters with an impressive 48.8 percent year-on-year upswing in prime residential property values. The report highlighted an average annual growth rate of 1.5 percent across covered markets, reflecting a positive shift following a recent period of uncertainty.
Following Dubai, Tokyo experienced a 26.2 percent surge, Manila recorded 19.9 percent, Miami saw 7.5 percent, and Shanghai registered 6.7 percent growth in the April-June period of 2023.
The Prime Global Cities Index, a valuation-based benchmark, tracks the fluctuations in prime residential prices across 46 cities worldwide. The index measures nominal prices in local currencies.
According to Knight Frank’s analysis, both Mumbai & Auckland are anticipated to have the highest changes in the prime residential prices. These cities are expected to undergo a 5 percent increase in the year 2024.
The main drivers behind this surge are the improving GDP figures, relative value of the city, and investments in infrastructure, all contributing to elevated prices in Mumbai’s luxury housing market.
