Mumbai Ranks Third in Global City Index, Residential Prices Up by 10% YOY in Oct-Dec

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    Mumbai Ranks Third in Global City Index, Residential Prices Up by 10% Year on Year in Oct-Dec.

    According to a study by property consultancy Knight Frank India, prices for high-end homes in Mumbai increased by 10% annually, ranking the city third globally in the Prime Global Cities Index for the fourth quarter of 2023. This marks a significant jump from the eighth spot in Q4 2022, where prices rose by 6.4% compared to the previous year.

    In contrast, Bengaluru’s ranking dropped to 27th place in the same period, despite recording a 2.2% annual growth in residential prices. On the other hand, the National Capital Region (NCR), including Delhi and surrounding areas, rose from 28th to 16th place with a 4.2% growth over the previous year.

    Mumbai’s 10% price growth in 2023 was mainly driven by affluent buyers seeking lifestyle upgrades amidst a strong economic environment. This trend contributed to the global prime residential price index recording a 3.7% growth across the 45 markets covered in the study, marking the strongest growth rate since Q3 2022.

    Manila secured the top spot with a 26.3% year-on-year change in residential prices, attributed to strong domestic and foreign investments. Dubai ranked second with a 15.1% rise, followed by Shanghai at fourth with an 8.6% change.

    Shishir Baijal, chairman and managing director at Knight Frank India, commented that the surge in demand for prime properties in India reflects homebuyers prioritizing lifestyle upgrades, supported by the stable economic outlook and positive market sentiment.

    The Prime Global Cities Index tracks the movement of prime residential prices across 45 cities worldwide, providing insights into nominal prices in local currency.

    Also read: Mumbai Real Estate: Mumbai Housing Prices Expected to Drop as Supply Increases

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