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The Prime Global Cities Index Q4 2023, compiled by Knight Frank India, reveals significant shifts in the real estate landscape. Mumbai secured the third position globally, witnessing a remarkable 10% year-on-year increase in prime residential prices from October to December. This surge marks a substantial growth compared to the previous year's 6.4% rise, propelling Mumbai from eighth place in Q4 2022 to the third position in 2023. The city's upscale housing market experienced accelerated growth, primarily fueled by affluent buyers seeking lifestyle enhancements amid a robust economic backdrop.
Contrastingly, Bengaluru faced a setback, sliding from the 20th spot in Q4 2022 to 27th place in Q4 2023, despite registering a modest 2.2% year-on-year growth in home prices. This drop highlights a challenging trend in Bengaluru's real estate market, necessitating a closer examination of underlying factors impacting its competitiveness on the global stage.
In contrast, the National Capital Region (NCR), encompassing Delhi and surrounding areas, witnessed a noteworthy ascent from the 28th rank in Q4 2022 to the 16th position in Q4 2023. This upward trajectory, coupled with a 4.2% growth in residential prices over the previous year, underscores the region's resilience and attractiveness to investors amidst evolving market dynamics.
Mumbai's stellar performance in 2023 underscores a broader trend of robust growth observed globally. The Prime Global Cities Index recorded a robust 3.7% increase in the global prime residential price index across 45 markets covered in the study, marking the strongest growth rate since Q3 2022. Notably, 82% of these cities witnessed growth on an annual basis, indicating a widespread surge in demand for prime residential properties.
Among the top performers globally, Manila emerged as the frontrunner with an impressive 26.3% year-on-year change in residential prices, attributed to strong domestic and foreign investments. Dubai secured the second position with a notable 15.1% rise in prices, followed by Shanghai in fourth place with an 8.6% change, further highlighting the diversity in global real estate dynamics.
The Prime Global Cities Index serves as a vital benchmark, tracking the movement of prime residential prices across key global cities. Its valuation-based approach provides insights into market trends, guiding stakeholders in navigating dynamic real estate landscapes worldwide.
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