Summary:

Mumbai saw the second-highest increase in prime residential property prices among 44 cities worldwide in June, driven by strong demand for premium homes. Mumbai rose from sixth to second place, with a 13% YoY increase, trailing only Manila. New Delhi and Bengaluru also experienced significant growth, at 10.6% and 3.7%, respectively. Knight Frank India's CMD forecasts further growth in 2024, supported by a robust economic outlook.

The Prime Global Cities Index tracks prime residential price changes in 44 locations globally. Global annual price growth fell to 2.6% in Q2 2024, down from 4.1% in Q1, and below the longterm average of 5.3%. While cities like Dubai and Miami are seeing moderate growth, European destinations such as Stockholm are gaining traction. According to Knight Frank's Liam Bailey, future growth depends on central banks cutting interest rates. Despite this global trend, Indian markets continue to rise, reflecting growing wealth and ambitions.

Source: IBEF 

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