Mumbai Will See the Greatest Increase in Residential Prices Worldwide in 2024
Increase in Residential Prices : According to Knight Frank, Mumbai has the sixth-highest yearly growth in prime residential property prices among all worldwide cities between April and June of 2023. It has projected that by 2024, Mumbai property prices will rise by an additional five percent in its Prime Global Cities Index report. Continue reading to see the list of participating cities, growth projections, and current rankings.
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Mumbai has seen the sixth-highest year-over-year increase in the price of premier residential real estate among all worldwide cities, according to Knight Frank’s premier worldwide Cities Index. Mumbai and Auckland, New Zealand are predicted to have the most increases in the prime residential market in 2024, with a five percent gain.
Tell me about the Prime Global Cities Index.
Tracking changes in premium residential properties in 46 locations worldwide is the premium Global locations Index, a valuation-based index. The index follows nominal prices expressed in local currency.
How much have house prices increased recently?
Mumbai ranked sixth in the world for prime residential prices in April–June 2023, with a YoY growth of 5.2 percent. Conversely, Bangalore had a YoY rise of 3.6 percent and secured the 20th position globally. Additionally, with a 0.2 percent increase, The Prime Global Cities Index now ranks New Delhi in 26th place.
Dubai has completed eight quarters, maintaining the top spot in prime residential property values with an increase of 48.8 percent YoY. The average annual growth across all markets covered in the report reached 1.5 percent, indicating a positive shift post the recent uncertainty. After Dubai, Tokyo recorded a 26.2 percent hike, Manila witnessed an increase of 19.9 percent, Miami at 7.5 percent and Shanghai at 6.7 percent in Q2 2023.
Other cities’ projections based on the Prime Global Cities Index
According to a recent analysis, the largest shift in the value of prime residential real estate is expected to occur in Mumbai and Auckland. In 2024, both cities are anticipated to see a five percent growth.
Anticipated increase in pricing
| City | Expected increase |
| Mumbai | 5 percent |
| Auckland | 5 percent |
| Singapore | 4 percent |
| Sydney | 3.5 percent |
| Vancouver | 3.5 percent |
| Paris | 3.5 percent |
| Miami | 2.5 percent |
| Dublin | 2.5 percent |
| Monaco | 2.5 percent |
What is the cause of Mumbai’s hike?
The city of Mumbai’s luxury housing market has seen price increases due to factors such as increasing GDP, relative value, and infrastructural investment.
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