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Knight Frank\u2019s Prime Global Cities Index, in its latest report, reveals that for the quarter ending in September 2023, Mumbai has achieved the fourth-highest year-on-year growth in prime residential prices among global cities. This significant surge has reshaped the city\u2019s real estate dynamics, catapulting it 18 places above its September 2022 ranking.Mumbai\u2019s 6.5% Surge in Prime Residential PricesMumbai\u2019s real estate market\u00a0 recorded a substantial 6.5% increase in prime residential prices. This surge is a testament to the city\u2019s enduring appeal to homebuyers and investors alike. With this impressive growth rate, Mumbai is now positioned as a prime destination for real estate investment, attracting global attention and capital.New Delhi and Bengaluru Follow SuitNew Delhi\u2018s National Capital Region (NCR) has made a significant leap, climbing from the 36th rank a year ago to secure the 10th spot in the September 2023 rankings. This growth is underpinned by a substantial 4.1% year-on-year increase in prime residential prices.Bengaluru Ascends Global Rankings with 2.2% Prime Residential Price GrowthBengaluru, often referred to as the \u201cSilicon Valley of India,\u201d has experienced a commendable rise in its global ranking. In 2022, the city held the 27th position, but in 2023, it soared to the 17th spot, backed by a 2.2% growth in prime residential prices. This growth signifies the robust potential of Bengaluru\u2019s real estate market.<\/p>
Prime Global Cities Index Overview<\/p>
The Prime Global Cities Index, compiled by Knight Frank, is a valuation-based index that tracks the movement of prime residential prices across 46 cities worldwide. It provides a comprehensive perspective on the health and performance of real estate markets in these global hubs. Importantly, the index tracks nominal prices in local currency, offering a detailed understanding of local market dynamics.<\/p>
Global Trends in Prime Residential Prices<\/p>
The Prime Global Cities Index reveals that the average rise in annual prime residential prices across the 46 markets for the 12-month period ending in September 2023 was 2.1%. This growth rate is notably the strongest recorded since the third quarter of 2022. Moreover, it reflects the fact that 67% of the cities included in the index are experiencing growth on an annual basis, signifying a global trend of increasing prime residential prices.<\/p>
Manila Takes the Top Spot<\/p>
Manila claims the top position in the Prime Global Cities Index. Manila has experienced an impressive 21.2% rise in residential property prices, a growth attributed to strong domestic and foreign investments in the city\u2019s real estate sector.<\/p>
Dubai\u2019s Slide from the Top<\/p>
Dubai has been displaced from the top spot for the first time in eight quarters. This displacement is primarily due to a sharp decline in quarterly growth, dropping from 11.6% in the June quarter to a mere 0.7% in the September quarter.<\/p>
San Francisco: The Weakest Market<\/p>
San Francisco emerges as the weakest market in the Prime Global Cities Index, with a notable decline of 9.7% on a year-on-year basis. This decline highlights the market dynamics in the city and underscores the varied performance of global real estate markets.<\/p>
Knight Frank\u2019s Prime Global Cities Index, in its latest report, reveals that for the quarter ending in September 2023, Mumbai has achieved the fourth-highest year-on-year growth in prime residential prices among global cities. This significant surge has reshaped the city\u2019s real estate dynamics, catapulting it 18 places above its September 2022 ranking.Mumbai\u2019s 6.5% Surge in […]<\/p>\n","protected":false},"author":419,"featured_media":162073,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5228],"tags":[1475,87],"offerexpiration":[],"class_list":["post-162072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-november-2023","tag-daily-current-affairs","tag-maharashtra-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/162072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/419"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=162072"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/162072\/revisions"}],"predecessor-version":[{"id":162074,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/162072\/revisions\/162074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/162073"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=162072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=162072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=162072"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=162072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}