Mumbai and Delhi saw strong annual rise in prime residential property prices among the top 44 cities worldwide in the first quarter (Q1 2024) of this year, demonstrating how resilient India’s economy is despite global headwinds.
Mumbai saw the most increase among Indian cities in the January–March quarter, with an 11.5 per cent (year-over-year) increase, according to the most recent statistics from the Knight Frank “Prime Global Cities Index Q1 2024.”
Delhi saw an annual increase in home prices of 10.5 per cent.
Manila leads the rankings with an annual growth rate of 26.2 pc, followed by Tokyo at 12 pc.
According to the research, “Indian cities are experiencing strong growth, with Delhi at 10.5 pc and Mumbai at 11.5 pc.”
According to the survey, robust economic growth throughout India has driven up house prices in the major cities, especially in Delhi and Mumbai, with yearly GDP growth averaging at above 8 pc.
Across the 44 cities included in the “Knight Frank Prime Global Cities Index,” the first quarter of 2024 saw an average annual growth rate of 4.1 pc, the highest since Q3 2022.
Price growth also appeared to be improving on a quarterly basis, rising from 0.3 pc in the final quarter of 2023 to 1.1 pc in the first quarter of 2024.
Instead of predicting a return to boom times, the index shows that pressure on prices to rise is coming from reasonably robust demand, matched against.
