Luxury Residential Price Hike: In the fourth quarter of 2023, New Delhi was ranked 16th in terms of rise in prices of residential or luxury properties and now it is at sixth position.
Prime Global Cities Index Q4 2024: New Delhi and Mumbai are ranked sixth and seventh among the world’s major cities in terms of rise in residential property prices. International property consultancy Knight Frank has released a report called Prime Global Cities Index Q4 2024. According to the report, between October and December 2024, New Delhi, Mumbai and Bengaluru have seen a jump in residential prices. According to the Prime Global Cities Index, Seoul ranks first in terms of rise in residential property prices, where prices have increased by an average of 18.4 percent.
Knight Frank has released a report called Prime Global Cities Index Q4 2024. This report covers 44 major residential markets, according to which prices have increased by an average of 3.2 percent in all these 44 residential markets. In which prices in Seoul, the capital of South Korea, have increased by an average of 18.4 percent. Manila is in second place with a jump of 17.9 percent, Dubai is in third place with a growth of 16.9 percent, Tokyo is in fourth place with 12.7 percent, Nairobi is in fifth place with a growth of 8.3 percent.
In India’s capital New Delhi, residential or luxury property prices have increased at a rate of 6.7 percent in the fourth quarter and New Delhi is at number six. Mumbai is at number seven with an average jump of 6.1 percent. Bengaluru is included in this list which is at 13th place where residential property prices have increased by an average of 4.1 percent.
In the fourth quarter of the year 2023, New Delhi was at the 16th place in terms of jump in residential or luxury property prices. But due to strong economic environment and high demand for luxury properties from affluent homebuyers who want to upgrade their lifestyle, New Delhi has moved up from 16th to sixth position. In the fourth quarter of 2023, Bengaluru was ranked 27th, which has now come down to 13th position.
Shishir Baijal, Chairman and MD, Knight Frank India, said on this report, due to high demand in the residential segment in markets across the country, prime property prices have seen a sharp jump. Due to the stable economic outlook of the country and positive market sentiment, home buyers are increasingly giving priority to lifestyle improvements. And the price rise in this segment is likely to continue in the coming days.
