Property prices are rising sharply in many cities, making it harder for people to buy homes. A recent report shows that in the June quarter, prices for prime residential properties in three cities increased by more than 10%.

Mumbai Sees Second Highest Price Increase

According to real estate consultant firm Knight Frank, property prices rose quickly in the second quarter of this year (April-June 2024). Among the three cities—Mumbai, New Delhi, and Bengaluru—Mumbai saw the highest increase, ranking second globally in price growth.

Mumbai’s Prices Up by 13%

Knight Frank’s report, “Prime Global Cities Index Q2 2024,” reveals that property prices in Mumbai increased by 13% year-on-year during the June quarter. This makes it the second-fastest rising city globally.

Price Increases in New Delhi and Bengaluru

In New Delhi, residential property prices rose by 10.6% compared to the previous year. Bengaluru saw a 3.7% increase in property prices. New Delhi ranks third in the world for the highest price increase, while Bengaluru is 15th.

Strong Growth Expected to Continue

India is one of the major real estate markets in the world. The Knight Frank report notes that people in India have more money and are becoming wealthier quickly. As a result, real estate growth is strong, especially in the premium segment. The report expects this growth to continue due to India’s strong economic outlook and robust market confidence.