(Image source from: Hindustantimes.com)

The recent report by Knight Frank, a renowned global property consultancy firm, has revealed a noteworthy surge in luxury home prices in Mumbai and Delhi, propelling these cities to the top five positions worldwide in terms of real estate growth. The 'Prime Global Cities Index Q1 2024' showcases the trends in the luxury residential property market across 44 prominent cities globally. Mumbai has secured the third spot, boasting an impressive year-on-year growth of 11.5 per cent in prime residential property prices during the first quarter of 2024, marking a significant three-position jump from its previous sixth-place ranking in the same period last year. Similarly, Delhi has witnessed a remarkable rise, climbing from 17th to fifth place with a growth of 10.5 per cent year-on-year. However, Bengaluru, another major Indian city, experienced a slight decline in its ranking, dropping from 16th to 17th place despite a 4.8 per cent growth in residential property prices. The report attributes the soaring real estate markets in Mumbai and Delhi to India's robust economic performance, with an annual GDP growth exceeding eight per cent, fueling a surge in housing demand in these thriving metropolitan areas.

The prime global cities have experienced a noteworthy rise in the housing market during the first quarter of 2024, according to the Prime Global Cities Index. The index recorded an overall growth of 4.1% across the 44 cities it covers, a significant improvement from the stagnant growth observed at the end of 2022, although still lower than the long-term average of 5.4%. Mumbai and Delhi demonstrated impressive growth, while Manila, the Philippines, emerged as the global leader with a remarkable 26.2% annual increase in property prices. Japan's Tokyo followed closely with a 12.5% year-on-year rise. Experts at Knight Frank anticipate that the current momentum in the global housing market is likely to continue in the coming quarters, as economic conditions are expected to remain stable. Shishir Baijal, the Chairman and Managing Director at Knight Frank India, highlights the strong demand for residential properties, particularly in the gateway cities across the Asia-Pacific, Europe, Middle East, and Africa (EMEA) regions.