Mumbai second, Delhi third in annual housing price increase

Business Business: Mumbai and Delhi ranked second and third respectively among 44 cities globally in annual price growth of prime residential properties during the June quarter, Knight Frank said in a report. Real estate consultant Knight Frank’s report said annual price growth across 44 cities globally slowed to 2.6 per cent in the second quarter of the 2024 calendar year from 4.1 per cent in the previous quarter. Manila ranked first with 26 per cent annual growth during the quarter. Mumbai ranked second with 13 per cent annual price growth in prime residences, up from its sixth position in the year-ago period. New Delhi, which recorded a 10.6 per cent year-on-year growth in prime residential property prices, made a spectacular jump in the rankings from 26th position a year ago during the quarter under review. Its ranking remained at 15th position. “Being the country’s largest residential market, strong price growth in prime residential properties is a strong indicator of the growing wealth and rising aspirations of the country’s affluent population,” the consultancy said. Among other global cities, Los Angeles ranked fourth with prices rising 8.9 per cent, followed by Miami (7.1 per cent), Nairobi (6.6 per cent), Madrid (6.4 per cent), Lisbon (4.7 per cent), Seoul (4.6 per cent) and San Francisco (4.5 per cent). Dubai saw a slight softening, declining 0.3 per cent year-on-year, after a 124 per cent rise from 2020. Prices in Vienna fell 3.2 per cent, while rates in Bangkok fell 3.9 per cent. Wellington ranked last on the list, 44th, with prices falling 5.9 per cent year-on-year during the June quarter.