Mumbai's luxury property market records 3rd highest price rise globally, after Manila & Tokyo

Mumbai's luxury property market records 3rd highest price rise globally, after Manila & Tokyo

Delhi closely follows Mumbai, with the 5th spot on the Global Cities Index.

As per Knight Frank’s Prime Global Cities Index, in the last 12 months, Mumbai has witnessed an 11.5% rise in luxury real estate prices, reaching the third spot globally -- a jump from last year’s 6th position. At the top of the table is Manila with 26.2% year-on-year (YoY) growth, followed by Tokyo at 12.5%. In fourth place is Perth, at 11.1%.

Moreover, Delhi’s property prices soared by 10.5% in the last year, finding fifth spot on the property consultant‘s index. A significant jump from previous Index’s 17th rank. This highlights how India's key property markets—Mumbai and New Delhi have witnessed a surge in house prices, with annual GDP growth exceeding 8%.

Contrary to the financial and national capitals of India, Bengaluru witnessed a drop when compared with the previous report and landed at 17th spot with 4.8% annual growth.

“With annual Gross Domestic Product (GDP) growth running at over 8%, strong economic growth across India has boosted housing prices in the main cities, particularly in Delhi and Mumbai, as our results confirm,” Knight Frank said in a report released on June 13.

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