[Press Release] Mumbai ranks 4 th on Prime Global Cities Index in Q3 2023, showcasing impressive growth: Knight Frank

[Press Release] Mumbai ranks 4 th on Prime Global Cities Index in Q3 2023, showcasing impressive growth: Knight Frank
  • Average annual prices rose 2.1% across the 46 markets
  • Mumbai, New Delhi and Bengaluru witnessed YoY growth in prime residential prices in Q3 2023
  • Manila overtook Dubai and was ranked 1 st in the index, with prime residential prices rising by 21.2% YoY in Q3 2023
Mr. Pritam Chivkula, Co-founder & Director, Tridhaatu Realty and Vice-President , CREDAI-MCHI

Mr. Rohan Khatau – Director, CCI

Mr. Vivek Mohanani, Managing Director & CEO, Ekta World

Knight Frank, a leading international property consultancy, in its
recent report ‘Prime Global Cities Index Q3 2023’ noted that Mumbai, New Delhi and Bengaluru, all
the 3 Indian cities considered for the study recorded an increase in average annual prices of prime
residential or luxury homes in Q3 2023. Mumbai recorded the 4 th highest YoY growth in prime
residential prices in Q3 2023. The 6.5% increase in prime residential prices has moved the city up by
18 places from 22 nd rank in Q3 2022. New Delhi and Bengaluru too recorded an upward movement
in their index rankings. NCR moved from 36 th rank in Q3 2022 to 10 th in Q3 2023 with a growth of
4.1% YoY. Bengaluru’s rank increased from 27 th rank in Q3 2022 to 17 th rank in Q3 2023 with a YoY
growth of 2.2%.

The Knight Frank Prime Global Cities Index Q3 2023 (Ranked by annual % Change)

RankCity12-month % change
1Manila21.2
2Dubai15.9
3Shanghai10.4
4Mumbai6.5
5Madrid5.5
6Stockholm4.7
7          Seoul4.5
8Sydney4.2
9Nairobi4.1
10New Delhi4.1
17Bengaluru2.2
43Wellington-4.8
44Vancouver-5.0
45Frankfurt-5.4
                 46San Francisco-9.7
Note: all data to Q3 2023, except Miami, Los Angeles and San Fransico which are as at Q2 2023
Source: All data comes from Knight Frank’s global network with the exception of Tokyo (Ken Corporation); New York (StreetEasy); Los Angeles, Miami and San Francisco (S&P CoreLogic Case-Shiller); Berlin and Frankfurt (ZIEGERT Research/ ImmobilienScout 24); Stockholm (Svensk Maklarstatistik); Toronto (Real Estate Board of Toronto); Vancouver (Vancouver Real Estate Board); Zurich and Geneva (Wüest Partner).

Source: Knight Frank Research

The average rise in annual prime residential prices was recorded at 2.1% across the 46 markets in the 12-month period ending September 2023. This is the strongest growth rate recorded since Q3 2022 and reflects 67% of cities seeing growth on an annual basis.

Shishir Baijal, Chairman and Managing Director at Knight Frank India said, “The robust price trend in the upper end of the market coupled with strong sales momentum has elevated Mumbai’s position in this global ranking scale. Sales momentum is significantly stronger in the higher ticket sizes today, than it has been in the past five years. The homebuyers’ increasing need to upgrade their lifestyle, coupled with stable economic prospects of the country and improving market sentiments should sustain price growth in the short to medium term.”

Manila claimed the top spot in the ranking with a 21.2% annual rise in prices. Manila’s performance is attributed to strong domestic and foreign investments. Dubai, with its 15.9% annual growth, has been displaced from the top position for the first time in eight quarters due to a sharp decline in quarterly growth from 11.6% in Q2 to 0.7% in Q3. San Francisco was the weakest performing market with a decline of 9.7% YoY.

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.

Liam Bailey, Knight Frank’s Global Head of Research said “The improvement in average annual house price growth will be welcomed by prime market homeowners but shouldn’t be overstated. Higher rates mean we have moved into a world of lower asset price growth – and investors will need to work harder to identify opportunities for outperformance to secure target returns.”

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About Knight Frank

Knight Frank LLP is a leading independent, global property consultancy. Headquartered in London, Knight Frank has more than 25,000 people operating from over 604 offices across 58 markets. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants. For further information about the Company, please visit www.knightfrank.com.

Knight Frank India is headquartered in Mumbai and has more than 1,500 experts across Bangalore, Delhi, Pune, Hyderabad, Chennai, Kolkata, and Ahmedabad. Backed by strong research and analytics, our experts offer a comprehensive range of real estate services across advisory, valuation and consulting, transactions (residential, commercial, retail, hospitality, land & capital), facilities management, and project management. For more information, visit www.knightfrank.co.in

For further information, please contact:

Piyali Dasgupta (Knight Frank India) +91 9833571204 piyali.dasgupta@in.knightfrank.comTania Banerjee (Knight Frank India) +91 9819004431 tania.banerjee@in.knightfrank.comMansoor Khan (White Marque Solutions) +91 8108385015 mansoor@whitemarquesolutions.com

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