Mumbai: Mumbai has jumped to the third position globally in terms of prime residential property price growth in the first quarter of the current fiscal year, according to Knight Frank's 'Prime Global Cities Index Q1 2024' report. Delhi has also moved up in the rankings, reaching the fifth position.
According to the reports, Mumbai was ranked sixth globally in the same period of the last fiscal year. However, in the past year, over 150,000 properties were sold in Mumbai. Prices in Mumbai have risen sharply due to high demand and low supply. As a result, Mumbai has moved up from sixth to third place in terms of home price growth. Property prices in Mumbai have increased by an average of 4.4% during this period.
Delhi prices have also risen, jumping from 17th to fifth position.
Manila tops the list
The Philippines capital Manila is ranked first globally. Manila has maintained its top spot in terms of home price growth for the past few months. Home prices there have risen by an average of 26% in the past few months. Tokyo, the capital of Japan, is ranked second globally in this ranking.
Bangalore prices slip
In contrast to these two major cities, home prices in Bangalore have slipped marginally. As a result, Bangalore has slipped from 16th to 17th position in this ranking.