That Mumbai is an expensive city to live in, is a known fact. Recently, a report revealed that on the list of cities across the world, Mumbai had the second-highest increase in the prices of real estate each year. What may be more surprising to some is that New Delhi ranked third on the list. The report was by Knight Frank’s Prime Global Cities Index. Here are all of the other important details that you would need to know about this particular report.
Mumbai Ranks Second On The List Of Real Estate Prices Rise
According to an article which was recently published by Hindustan Times or HT, the demand is particularly high in the premium price category. Mumbai has seen an annual price increase of a whopping 13 per cent whereas New Delhi saw a 10.6 per cent increase.
In addition to Mumbai and New Delhi, Bengaluru was also on the list. It ranked 15 and saw a 3.7 per cent annual increase in price. The city that topped the list was Manila in the Philippines. It saw an annual price increase of 26 per cent.
Knight Frank, the agency responsible for the report, is an international property consultancy. The increase in the strength of the growth of prime properties indicates the growth of income and wealth among people.
Top 10 Cities With The Most Annual Price Increase
The Prime Global Cities Index tracks the movement of prime residential prices of a total of 44 cities across the globe. This particular index tracks the prices in local currency. Following are the top 10 cities with the highest annual price increase.
10. San Francisco, The United States of America
9. Seoul, South Korea
8. Lisbon, Portugal
7. Madrid, Spain
6. Nairobi, Kenya
5. Miami, The United States of America
4. Los Angeles, The United States of America
3. New Delhi, India
2. Mumbai, India
1. Manila, The Philippines
Click here to read the report.
Do you or someone you know live in Mumbai or any of the other cities listed above? Let us know in the comments section below!
Cover Image Credits: Canva Images
For more such snackable content, interesting discoveries and the latest updates on food, travel and experiences in your city, download the Curly Tales App. Download HERE.