Mumbai ranks 2nd, Delhi 3rd globally in annual housing price rise

Mumbai and Delhi are at the second and third positions, respectively, among 44 cities globally in annual price rise of prime residential properties during the June quarter, Knight Frank said in a report.

The annual price growth across the 44 cities globally slowed to 2.6 per cent in the second quarter of the 2024 calendar year, from 4.1 per cent in the preceding quarter, real estate consultant Knight Frank report said.

Manila ranked first with a 26 per cent annual rise during the quarter.

Mumbai, with an annual price rise of 13 per cent in prime residences, ranked second, up from its 6th rank in the year-ago period.

New Delhi, which recorded a rise of 10.6 per cent year-on-year in prime residential property prices, made a stupendous jump in rankings from 26th a year earlier to third during the quarter under review.

Bengaluru saw a 3.7 per cent increase in annual price rise. Its ranking remained same at 15th.

"Being the largest residential markets of the country, the strong price growth in prime residential properties is a strong indicator of the growing wealth and increasingly higher aspirations of the country's affluent population," the consultant said.

Among other global cities, Los Angeles was at the 4th position with an 8.9 per cent growth in prices, followed by Miami (7.1 per cent), Nairobi (6.6 per cent), Madrid (6.4 per cent), Lisbon (4.7 per cent), Seoul (4.6 per cent), and San Francisco (4.5 per cent).

Dubai, after a 124 per cent increase since 2020, saw slight moderation, declining by 0.3 per cent annually.

Prices declined in Vienna by 3.2 per cent, while rates in Bangkok fell 3.9 per cent.

Wellington ranked last in the list, 44th, with an annual fall of 5.9 per cent in prices during the June quarter.