Buy Home Mumbai : According to Knight Frank, Mumbai has the sixth-highest yearly gain in premium residential property prices among all world cities between April and June 2023. It predicted an additional rise in Mumbai real estate prices of 5% by 2024 in its Prime Global Cities Index study. Continue reading to learn about the current rankings, growth projections, and list of cities involved.

Mumbai has had the sixth-highest year-over-year gain in premium residential property prices among all worldwide cities, according to Knight Frank’s premium worldwide Cities Index. Mumbai is anticipated to have the largest rise in the premier residential category, along with Auckland in New Zealand, in 2024, with an increase of 5%.

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The Prime Global Cities Index is what, exactly?

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 current growth in property prices?

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 at 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 premier 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 had 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.

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Predictions for more 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 premier residential properties. In 2024, a five percent growth is anticipated in both cities.

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Buy Home Mumbai  : Forecasted price rise

What is driving this increase in Mumbai?

The city of Mumbai’s luxury housing market is seeing increased prices due to an improving Gross Domestic Product (GDP), relative value, and infrastructural investment.

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