Mumbai has secured the eighth spot among 46 major housing markets worldwide after prices of prime residential properties in the city rose 6.2% year-on-year in the June quarter. The figures were released by real estate consultancy Knight Frank India as part of its data on leading housing markets across the world.
Globally, prime housing prices recorded a relatively modest average annual growth of 2.6% across the 46 cities during the June quarter of the current financial year. Prices rose year-on-year in 32 of these markets, with Mumbai making it into the global top 10.
Bengaluru ranks ahead of Delhi
Bengaluru recorded a 4.5% year-on-year increase in prime property prices during the June quarter, putting the city in 12th place among the 46 markets. Delhi ranked 17th, with property prices rising 3.9% annually.
Bengaluru therefore remained ahead of the national capital in the global ranking, although both cities recorded lower growth than Mumbai.
Tokyo leads global housing markets
Tokyo topped the global list, with prime property prices in the Japanese capital surging 50.7% year-on-year during the June quarter.
Manila in the Philippines was second with a 14.6% rise, while Dubai took third place after prices increased 10.9%.
Singapore ranked fourth with 9.5% growth, followed by Nairobi in fifth with an 8.5% increase. Christchurch came sixth after prices rose 6.9%, while Seoul was seventh with a 6.4% increase.
Mumbai ranked eighth with its 6.2% rise. Vienna followed in ninth place at 5.9%, while San Francisco completed the top 10 with a 5% increase.
Strong demand supports Mumbai property prices
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said Mumbai’s presence among the top 10 major housing markets was significant at a time when prime housing prices were seeing relatively slow growth globally.
“Amid relatively slow growth in housing property prices globally, Mumbai’s inclusion among the top 10 major housing markets is significant,” Baijal said.
He added that the city’s 6.2% annual growth pointed to strong demand in Mumbai’s prime housing market. According to Baijal, location, quality and distinctive housing properties were supporting prices.
For investors and buyers, he said the figures showed that Mumbai’s prime residential property market was closely linked to long-term wealth creation and limited supply.
“For investors and buyers, this shows that Mumbai’s prime housing property market is strongly linked to long-term wealth creation and limited supply,” Baijal said.
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