New Delhi, Aug 23 (PTI) Mumbai ranked sixth in price rise of prime residential properties during the April-June period with an annual appreciation of 5.2 per cent, according to Knight Frank India.

Real estate consultant Knight Frank India, in its report 'Prime Global Cities Index Q2 2023', said that Mumbai recorded the 6th highest YoY growth in prices in Q2 2023.

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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.

In Q2 2023, prime residential prices in Mumbai grew at 5.2 per cent year-on-year (YoY). With an increase of 3.6 per cent YoY in Q2 2023, Bengaluru ranked 20th and New Delhi positioned itself at 26th with an increase of 0.2 per cent YoY.

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Dubai is at the top position globally with an increase of 48.8 per cent year-on-year in prime residential properties values. Tokyo is at the second position, Manila is at third, Miami at fourth and Shanghai is at fifth spot.

The average annual growth rate reached 1.5 per cent across the 46 covered markets indicating a positive shift after a recent period of uncertainty, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)