New Delhi [India], August 23 (ANI): The ranking of Mumbai has improved significantly on 'Prime Global Cities Index Q2 2024', in an international index by Knight Frank, a property consultancy firm. The report stated that Mumbai now holds the second spot for annual price growth, driven by a surge in residential demand, especially for luxury properties. It also added that similar trends were observed in New Delhi and Bengaluru, where high-end and premium property prices also increased due to strong demand.
This demand for premium properties has been the main driver of overall sales so far this year. The Prime Global Cities Index, which tracks the prices of prime residential properties in 44 cities worldwide, reported a slowdown in annual price growth, dropping from 4.1 per cent in the first quarter to 2.
6 per cent in the second quarter of 2024, below the long-term average of 5.3 per cent. "The premium segment has been the primary driver of sales growth across the Indian market, and this is reflected in the price growth seen during Q2 2024.
The increasing affluence of the wealthy and their need for lifestyle-oriented properties has fuelled the prime residential market" said Shishir Baijal, Chairman and Managing Director at Knight Frank India The report mentioned that Manila topped the chart with a 26 per cent annual price increase in the second quarter of 2024. Dubai, after a 124 per cent rise since 2020, saw a slight decrease of 0.3 per cent year-on-year, while Miami, which has .