Mumbai Will Experience The Biggest Home Price Increase Worldwide In 2024
Home Price Increased in mumbai- From April to June 2023, Mumbai’s top residential property values climb at the sixth-fastest rate worldwide. By 2024, Mumbai’s real estate prices are expected to rise another 5%, according to the Prime Global Cities Index survey. Continue reading for the current rankings, growth projections, and list of participating cities.
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Mumbai’s prime residential property prices have increased at the sixth-highest rate among all worldwide cities, according to the Prime worldwide Cities Index. Together with Auckland, New Zealand, Mumbai is anticipated to experience the biggest rise in the prime residential segment, with an increase of 5% predicted for the year 2024.
What exactly is the Top Global Cities Index?
The Prime Global Locations Index, a valuation-based index, keeps track of changes in prime residential property values across 46 global locations. The index tracks nominal prices in the native currency.
What is the rate of inflation for real estate right now?
Mumbai’s top home prices increased at 5.2 percent YoY between April and June 2023, ranking it sixth internationally. Bangalore, on the other hand, had a gain of 3.6 percent YoY and landed in position 20 globally. Furthermore, New Delhi has moved up to position 26 in The Prime Global Cities Index, an increase of 0.2%.
With a growth of 48.8% YoY, Dubai has completed eight quarters and has maintained the top rank in the value of prime residential real estate. The average annual growth rate for all the markets included in the analysis was 1.5 percent, pointing to a turnaround following the most recent uncertainty. After Dubai, Tokyo saw a 26.2 percent gain, Manila a 19.9 percent increase, Miami a 7.5 percent increase, and Shanghai a 6.7 percent increase in Q2 2023.
Predictions for additional cities based on the Prime Global Cities Index
According to a recent survey, Mumbai and Auckland are expected to experience the largest changes in the value of prime residential properties. In 2024, a five percent increase is anticipated in both cities.
| Forecasted price rise | |
| City | Expected increase |
| Mumbai | 5 percent |
| Auckland | 5 percent |
| Singapore | 4 percent |
| Dublin | 2.5 percent |
| Sydney | 3.5 percent |
| Paris | 3.5 percent |
| Monaco | 2.5 percent |
| Vancouver | 3.5 percent |
| Miami | 2.5 percent |
What is the cause of this increase in Mumbai?
The city of Mumbai’s luxury housing market has seen price increases as a result of increasing GDP, relative value, and infrastructural investment.
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