According to the 'Prime Global Cities Index Q1 2024' report by real estate consultancy Knight Frank Mumbai ranked 3rd and Delhi 5th among 44 global cities in housing price appreciation for January-March 2024.
Mumbai saw an 11.5% year on year growth in prime residential prices rising from 6th place last year.
Delhi's ranking improved significantly from 17th to 5th with a 10.5% YoY growth. Conversely Bengaluru dropped from 16th to 17th despite a 4.8% YoY price increase.
Globally Manila led with a 26.2% annual price growth followed by Tokyo at 12.5%.
The report highlighted a strengthening trend in global housing prices with an average annual growth of 4.1% across 44 cities marking the fastest rate since Q3 2022.
The Prime Global Cities Index (PGCI) is a valuation-based index tracking prime residential prices across 44 cities using local currency data from Knight Frank's global research network.
Shishir Baijal chairman and managing director at Knight Frank India noted that the global demand for residential properties especially in Asia-Pacific and EMEA markets has driven the improved rankings of Mumbai and Delhi.
He anticipates stable sales momentum in the coming quarters given the expected steady economic conditions.