The global real estate market has witnessed notable shifts in prime residential property prices during the second quarter of 2024, as detailed in the latest report by Knight Frank, titled ‘Prime Global Cities Index Q2 2024’. The report highlights significant growth in prime residential property prices across major Indian cities, reflecting the burgeoning demand and affluence in these regions.

Mumbai: A Global Leader in Price Growth

Mumbai has emerged as a major player on the global real estate stage, ranking second internationally in terms of annual prime residential price growth. The city experienced a remarkable 13% year-on-year increase in Q2 2024. This surge is attributed to rising demand and the city’s status as a financial and cultural hub. Mumbai’s impressive growth trajectory has elevated its position from sixth in Q2 2023 to second place in the current report.

New Delhi: A Rising Star

New Delhi has also made significant strides in the global real estate market, recording a 10.6% annual increase in prime residential property prices. This rise has propelled New Delhi from 26th place in Q2 2023 to third place in the latest rankings. The increase reflects the city’s growing appeal among affluent buyers and its burgeoning luxury property market.

Bengaluru: Steady Growth

In Bengaluru, the prime residential property market saw a 3.7% rise in Q2 2024. Despite this steady growth, Bengaluru maintained its position at 15th globally, consistent with its ranking from the previous quarter. The city’s resilience in the property market underscores its status as a significant player in the Indian real estate sector.

Insights from Knight Frank

According to Shishir Baijal, Chairman and Managing Director at Knight Frank India, the growth in prime residential property prices is driven primarily by the affluent segment of the market. Baijal noted, “The premium segment has been the primary driver of sales growth across the Indian market, and this is reflected in the price growth seen during Q2 2024.” He expressed optimism about the sector’s continued strength, attributing it to the robust economic outlook and sustained positive sentiments.

Global Real Estate Trends

On a global scale, the report reveals a slowdown in annual price growth, which fell from 4.1% in Q1 2024 to 2.6% in Q2 2024. This is below the long-term average of 5.3%. Manila led the global rankings with an impressive 26% annual price increase, while Dubai experienced a slight decline of 0.3%. Despite this, Dubai’s prices have surged by 124% since 2020. Miami also showed strong growth, rising by 8% last year, continuing its significant increase of 77% since 2020.

In Europe, Stockholm was among the fastest-improving markets, while cities such as Madrid and Dubai reported slower growth. The overall global trend indicates a mixed performance across regions, with some markets experiencing significant slowdowns.

The Knight Frank report underscores the dynamic nature of the real estate market, highlighting the exceptional performance of Indian cities and the varying trends observed globally.

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