• Source:JND
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Mumbai has been ranked third and Delhi has been ranked fifth among the top 44 cities globally in terms of appreciation of housing prices during the January-March 2024 period, reports news agency PTI, quoting Knight Frank. Mumbai was ranked 6th and Delhi 17th in the same period last year. According to the report, Manila is in first place with a 26.2 per cent annual growth in prices, followed by Tokyo at 12.5 per cent.

In the  'Prime Global Cities Index Q1 2024', real estate consultant Knight Frank said that Mumbai has recorded 11.5 per cent year-on-year (YoY) growth in prime residential prices in January-March 2024. Delhi has rose to 17th rank in January-March 2023 to 5th position in January-March 2024 with a growth of 10.5 per cent YoY.

Meanwhile, Bengaluru has observed a decline in ranking from 16th place in Q1 2024 to 17th rank in Q1 2024, even while it recorded a 4.8 per cent YoY growth in residential prices.

According to Knight Frank, the Prime Global Cities Index (PGCI) is a valuation-based index that tracks the movement of prime residential prices across 44 cities worldwide using data from its global research network. The index tracks nominal prices in local currency.

Shishir Baijal, Chairman and Managing Director at Knight Frank India, said the strong demand trend for residential properties has been a global phenomenon, led by gateway markets of Asia-Pacific and EMEA.

"Like its peers in these regions, the improved rankings of Mumbai and New Delhi on the Prime Global Cities Index was underscored by the resilience in sales growth volume. We expect the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged," he said.

The consultant noted that the global housing price growth has strengthened.

Across 44 cities globally, Knight Frank said the average annual house price growth rose by 4.1 per cent in the 12 months to March 2024. "Prices are rising at their fastest rate since the third quarter of 2022," it added.

(With input from agencies)