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The city of Mumbai has secured the sixth position among 46 cities worldwide in terms of annual price growth for high-end residential properties, with a notable appreciation of 5.5 percent. According to a report titled "Prime Global Cities Index 01 2023" by real estate consultant Knight Frank India, Mumbai, Bengaluru, and New Delhi have all experienced an upswing in average annual prices during the period from January to March 2023.
Knight Frank India stated that Mumbai's rise in ranking from 38th in Q1 2022 to 6th in Q1 2023 was primarily driven by the growth in high-end or prime properties. Bengaluru and New Delhi also observed improvements, moving to the 16th and 22nd positions respectively, compared to their previous ranks of 37th and 39th in the first quarter of 2022.
At the global level, Dubai secured the top spot, with a significant increase of 44.2 percent in the values of prime residential properties. Mumbai's surge in the index was primarily attributed to the rising demand within the city.
Shishir Baijal, CMD of Knight Frank India, highlighted the steady performance of the Indian economy despite concerns surrounding global growth and inflation in 2022. He pointed out three key factors that have contributed to the sustained demand for prime residential properties: the consumers in this segment are less reliant on mortgage support, the consistent economic growth has led to increased income and stability, and there is a prolonged trend of purchasing larger homes.
Overall, Mumbai's impressive climb in the global rankings reflects the robust demand for high-end residential properties within the city, propelled by a strong and stable economy.
The housing price growth index measures the rate of property price increase in a specific area. It reflects the overall performance and appreciation of housing prices over time, considering factors like location, property type, and market demand. The index helps analysts, investors, and policymakers track real estate market trends and make informed decisions. It provides valuable insights into the dynamics of housing prices, aiding in assessing market conditions and potential investment opportunities.
This story was first published by Press Trust of India (PTI).
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