The Mumbai real estate market is ranked fourth in the Prime Global Cities Index released by Knight Frank India, a real estate consultancy, for Q3 2023. The index showcases growth in average annual prices of prime residential or luxury homes. In India, Mumbai was followed by Delhi at the 10th spot and Bengaluru was ranked 17th.
The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 46 cities.
Mumbai recorded the fourth highest YoY growth in prime residential prices in Q3 2023. The 6.5 percent increase in prime residential prices has moved the city up by 18 places from 22nd rank in Q3 2022. New Delhi and Bengaluru too recorded an upward movement in their index rankings, the report added.
Further, National Capital Region (NCR) moved from 36th rank in Q3 2022 to 10th in Q3 2023 with a growth of 4.1 percent YoY. Bengaluru’s rank increased from 27th rank in Q3 2022 to 17th rank in Q3 2023 with a YoY growth of 2.2 percent, according to the Knight Frank India report.
The report stated that the average rise in annual prime residential prices was recorded at 2.1 percent across the 46 markets in the 12-month period ending September 2023. This is the strongest growth rate recorded since Q3 2022 and reflects 67 percent of cities seeing growth on an annual basis.”
“The robust price trend in the upper end of the market coupled with strong sales momentum has elevated Mumbai’s position in this global ranking scale. Sales momentum is significantly stronger in the higher ticket sizes today than it has been in the past five years,” said Shishir Baijal, Chairman and Managing Director at Knight Frank India.
Also read: Mumbai ranks 19th, Bengaluru 22nd in Knight Frank’s Global Prime Residential Index
“The homebuyers’ increasing need to upgrade their lifestyle, coupled with stable economic prospects of the country and improving market sentiments should sustain price growth in the short to medium term,” he added.
Meanwhile, Manila claimed the top spot in the ranking with a 21.2 percent annual rise in prices. Manila’s performance is attributed to strong domestic and foreign investments.
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Dubai, with its 15.9 percent annual growth, has been displaced from the top position for the first time in eight quarters due to a sharp decline in quarterly growth from 11.6 percent in Q2 to 0.7 percent in Q3. San Francisco was the weakest performing market with a decline of 9.7 percent YoY, revealed the report.
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