Mumbai Ranks Sixth In Annual Housing Price Growth Among 46 Cities Globally
Mumbai has moved up to the sixth rank among 46 global cities in terms of annual price growth of high-end residential properties, with an appreciation of 5.5%, according to a report by real estate consultant Knight Frank India.
The report, titled ‘Prime Global Cities Index Q1 2023‘, notes that Bengaluru and New Delhi have also registered an increase in average annual prices in the first quarter of 2023.
Annual Housing Price Growth Among 46 Cities Globally: Key Points
- Mumbai moved up significantly from its 38th rank in Q1 2022, and Bengaluru and New Delhi also witnessed an upward movement in index ranking.
- Mumbai’s rise on the international index is largely attributed to the rise in demand in the city.
- The report emphasizes that while the demand has been strong for all segments, it has seen a rise in the sale of higher value products.
What is the Prime Global Cities Index?
The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide, tracking nominal prices in local currency. Dubai clinched the top position globally in terms of the increase of 44.2% in prime residential properties values.
Knight Frank India CMD Shishir Baijal noted that the Indian real estate markets have displayed continued momentum in demand despite concerns of an inflationary environment and a steep rise in home loan rates over the past 12 months.
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