New Delhi has jumped to the sixth place amongst 44 cities globally in worth appreciation of luxurious houses with the nationwide capital seeing a median 6.7 per cent enhance in charges in the course of the newest December quarter, based on Knight Frank.
New Delhi has jumped to the sixth place amongst 44 cities globally in worth appreciation of luxurious houses (Picture supply: Pexels)
Actual property marketing consultant Knight Frank on Monday launched its ‘Prime International Cities Index This fall 2024’ report. It’s a valuation-based index monitoring the motion of prime residential costs throughout 44 cities worldwide. The index tracks nominal costs in native foreign money.
Seoul ranks first with 18.4 per cent enhance in common costs throughout October-December quarter of 2014, adopted by Manila (17.9 per cent), Dubai (16.9 per cent), Tokyo (12.7 per cent), and Nairobi (8.3 per cent rise).
“New Delhi’s impressive 6.7 per cent price growth in the past 12 months driven primarily by affluent homebuyers looking for a lifestyle upgrade in the backdrop of a strong economic environment.
The city jumped from the 16th spot in the October-December period of 2023 to the sixth spot in the December quarter of 2024, it added.
Mumbai prime residential prices also grew a strong 6.1 per cent year-on-year (YoY) in Q4 2024, securing the seventh spot in the overall rankings.
Bengaluru saw an impressive jump from the 27th rank in Q4 2023, to 13th in Q4 2024, and recorded 4.1 per cent annual increase in prices.
The rise in global prime residential price index was recorded at 3.2 per cent across the 44 markets in the 12-month period ending December 2024. A total of 34 out of 44 cities reported positive on the prime global residential index in period.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, “The robust development in prime costs is a mirrored image of the surge in demand seen on this residential phase throughout markets in India.”
With homebuyers more and more prioritising way of life upgrades, bolstered by the nation’s secure financial outlook and optimistic market sentiment, this phase ought to seemingly see worth ranges proceed to raise within the close to time period, he added.