Ulwe is no longer a distant neighborhood but a vibrant real estate hotspot that has piqued the interest of both investors and end-users. In this article, we...
Mumbai and Delhi Shine in Knight Frank Prime Global Cities Index
The real estate landscape in prime global cities is ever-evolving, and the latest Knight Frank Prime Global Cities Index for Q3 2023 has unveiled some remarkable trends. In this dynamic market, Mumbai has made a spectacular leap, securing the fourth position, while Delhi has earned a notable spot at tenth place. Bengaluru, too, has risen in prominence, finding itself ranked seventeenth in this prestigious global real estate index. This report, brought to you by Knight Frank India, a renowned real estate consultancy, underscores the growth in average annual prices of prime residential properties across 46 key cities. It’s a testament to the potential and resilience of these Indian cities as they continue to shine in the global real estate spotlight.
Manila Tops the Rankings, Mumbai Soars, and Delhi Secures a Top Spot
In the latest Knight Frank Prime Global Cities Index, Mumbai has made an impressive leap to secure the fourth position, while Delhi has secured the tenth spot. This index, presented by Knight Frank India, a reputable real estate consultancy, highlights the growth in average annual prices of prime residential properties. Additionally, Bengaluru found itself ranked seventeenth in this global real estate index.
The Prime Global Cities Index, a valuation-based index tracking the movement of prime residential property prices across 46 prominent cities, reveals the following remarkable trends:
Mumbai's Spectacular Rise
Mumbai’s real estate market recorded the fourth-highest year-over-year (YoY) growth in prime residential property prices in Q3 2023. With a 6.5 percent increase in prime residential prices, the city has ascended a remarkable 18 places, transitioning from its 22nd rank in Q3 2022. This surge is a testament to the city’s vibrant real estate sector.
Delhi's Notable Presence
Following Mumbai’s success, Delhi has secured the tenth spot in the Knight Frank Prime Global Cities Index. The city’s steady performance showcases its resilience and potential in the prime residential property market.
Bengaluru's Upward Trajectory
Bengaluru also made significant progress, ascending from its 27th rank in Q3 2022 to the 17th rank in Q3 2023, driven by a YoY growth of 2.2 percent. This indicates Bengaluru’s growing prominence as a prime real estate market in India.
Additionally, the National Capital Region (NCR) experienced an impressive leap from the 36th rank in Q3 2022 to the 10th rank in Q3 2023, with a notable YoY growth of 4.1 percent. This growth reflects the ever-evolving real estate landscape in the NCR.
The Knight Frank India report has further highlighted that the average annual rise in prime residential property prices across these 46 markets amounted to 2.1 percent for the 12-month period ending in September 2023. This rate marks the most robust growth since Q3 2022, with 67 percent of the cities experiencing annual growth.
Shishir Baijal, Chairman and Managing Director at Knight Frank India, commented on these trends, stating, “The robust price trend in the upper end of the market coupled with strong sales momentum has elevated Mumbai’s position in this global ranking scale. Sales momentum is significantly stronger in the higher ticket sizes today than it has been in the past five years. The homebuyers’ increasing need to upgrade their lifestyle, coupled with stable economic prospects of the country and improving market sentiments should sustain price growth in the short to medium term.”
While Mumbai and Delhi continue to make strides in the global prime residential property market, Manila has claimed the top spot in the rankings, showcasing a remarkable 21.2 percent annual rise in prices. This stellar performance is attributed to strong domestic and foreign investments.
However, Dubai, with its 15.9 percent annual growth, has been displaced from the top position for the first time in eight quarters due to a sharp decline in quarterly growth from 11.6 percent in Q2 to 0.7 percent in Q3. On the other end of the spectrum, San Francisco emerged as the weakest performing market, suffering a decline of 9.7 percent YoY, as revealed in the report.
These rankings provide valuable insights into the dynamic and evolving landscape of prime global cities, with Mumbai and Delhi solidifying their positions as promising players in the prime residential property market.
Conclusion:
As we conclude our exploration of the Knight Frank Prime Global Cities Index for Q3 2023, it becomes evident that Mumbai and Delhi are on a remarkable trajectory in the world of prime residential real estate. Their impressive rankings reflect the potential and growth in these vibrant cities. Bengaluru is also making its presence felt, highlighting its growing prominence in the Indian real estate market. The National Capital Region’s remarkable leap and the strong performance of various cities further underscore the dynamism of this sector. While Manila has claimed the top spot in the rankings with an impressive 21.2 percent annual price rise, the shifting tides in the global real estate market serve as a reminder of the ever-changing nature of this industry. With these developments, Mumbai, Delhi, and their counterparts set the stage for a promising future in the realm of prime global cities.
Read more articles:
Demystifying the Costs Involved in Buying a House
In this comprehensive guide, we will break down the various expenses and fees involved in the process of buying a house. From the initial down payment to...
Buying a Shared Ownership Property: Your Path to Affordable Homeownership
This comprehensive guide will walk you through every step of buying a shared ownership property. From understanding what shared ownership is to finding the right property, securing...