Mumbai, Delhi & Bengaluru among cities with highest annual rise in property rates
The three cities ranked in top 20 out of 46 cities analysed by real estate consultant Knight Frank India in its ‘Prime Global Cities Index’ for Q3 2023.
The year-on-year (YoY) growth in average annual prices of prime residential or luxury homes in three Indian cities was among highest in the world, with each city (Mumbai, Delhi, and Bengaluru, respectively) ranking in top 20 out of 46 cities analysed by real estate consultant Knight Frank India in its ‘Prime Global Cities Index’ for Q3 2023 (July-September).
“The improvement in average annual house price growth will be welcomed by prime market homeowners but should not be overstated. Higher rates mean we have moved into a world of lower asset price growth – an investors will need to work harder to identify opportunities for outperformance to secure target returns,” said Liam Bailey, Global Head of Research, Knight Frank.
Mumbai
The country’s financial capital stood fourth, registering a 6.5% rise; this, in turn, also took the metropolis from 22nd spot in Q3 2022 to fourth in Q3 2023, a jump of 18 places.
Delhi
The national capital, meanwhile, witnessed a growth of 4.1%, rounding off the top 10 in the process. In terms of rank, it rallied from 36 in Q3 2022 to 10th in Q3 2023, jumping 26 places.
Bengaluru
The average annual increase in the rates of luxury homes in the nation’s tech hub, meanwhile, stood at 2.2%, 17th highest in the world. Also, the garden city improved its rank by 10 spots.
Cities in top 20
| Rank | City (Country) | 12-month change (in %) | 6-month change (in %) | 3-month change (in %) |
| 1. | Manila (Philippines) | 21.2 | 19 | 2.1 |
| 2. | Dubai (UAE) | 15.9 | 12.3 | 0.7 |
| 3. | Shanghai (China) | 10.4 | 4.9 | 4.5 |
| 4. | Mumbai | 6.5 | 4,5 | 3.3 |
| 5. | Madrid (Spain) | 5.5 | 4.3 | 2 |
| 6. | Stockholm (Sweden) | 4.7 | 2.9 | -7.7 |
| 7. | Seoul (South Korea) | 4.5 | 15.6 | 5 |
| 8. | Sydney (Australia) | 4.2 | 0.9 | 0.5 |
| 9. | Nairobi (Kenya) | 4.1 | 0.1 | 0 |
| 10. | Delhi | 4.1 | 3.8 | 3.8 |
| 11. | Gold Coast | 3.9 | 2.4 | 0.8 |
| 12. | Perth | 3.8 | 3 | -0.6 |
| 13. | Lisbon | 3.1 | 0.9 | 0.7 |
| 14. | Beijing | 2.6 | 2.1 | 3.3 |
| 15. | Brisbane | 2.5 | 0.5 | 1.1 |
| 16. | Berlin | 2.2 | 0.9 | - |
| 17. | Bengaluru | 2.2 | 1.1 | 0.1 |
| 18. | Paris | 2.1 | 0.4 | 0.4 |
| 19. | Taipei | 1.7 | 1.7 | 0 |
| 20. | Jakarta | 1.5 | 0.6 | - |
