Mumbai ranks 6th in price rise of prime housing properties in Apr-Jun; Dubai at top: Report

Mumbai ranked sixth in price rise of prime residential properties during the April-June period with an annual appreciation of 5.2 per cent, according to Knight Frank India.

New Delhi: Mumbai ranked sixth in price rise of prime residential properties during the April-June period with an annual appreciation of 5.2 per cent, according to Knight Frank India.

Real estate consultant Knight Frank India, in its report ‘Prime Global Cities Index Q2 2023’, said that Mumbai recorded the 6th highest YoY growth in prices in Q2 2023.

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The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide. The index tracks nominal prices in local currency.

In Q2 2023, prime residential prices in Mumbai grew at 5.2 per cent year-on-year (YoY). With an increase of 3.6 per cent YoY in Q2 2023, Bengaluru ranked 20th and New Delhi positioned itself at 26th with an increase of 0.2 per cent YoY.

Dubai is at the top position globally with an increase of 48.8 per cent year-on-year in prime residential properties values. Tokyo is at the second position, Manila is at third, Miami at fourth and Shanghai is at fifth spot.

The average annual growth rate reached 1.5 per cent across the 46 covered markets indicating a positive shift after a recent period of uncertainty, it added.