News roundup: Mumbai 3rd spot at Prime Global Cities Index Q4 2023, and other headlines

For PropertyGuru’s real estate news roundup, Mumbai ranks third in the Prime Global Cities Index Q4 2023. In other headlines, CBRE names Vietnam second among the top three preferred emerging markets, while new data reveals the tightest-held Australian suburbs and those with the fastest turnover.

Mumbai on 3rd spot at Prime Global Cities Index Q4 2023

Mumbai recorded the third highest year-on-year (YoY) growth in prime residential prices in the fourth quarter of financial year 2022-23 (Q42023), global property advisor Knight Frank’s Prime Global Cities Index Q4 2023 shows. This price growth pushed the Maximum City’s ranking by 5 places to the third position from its eigth position in Q42022, the company said.

Manila claimed the top spot in the ranking with a 26.3 percent annual rise in prices due to strong domestic and foreign investments. Dubai, with 15.1 percent YoY growth, ranks second in the index.

Mumbai‘s impressive 10 percent price growth in the past 12 months is driven primarily by affluent homebuyers looking for a lifestyle upgrade in the backdrop of a strong economic environment that continues to gain momentum, as reported in Housing.com.

Vietnam among most preferred emerging markets in Asia-Pacific: CBRE

The recently released 2024 Asia-Pacific investor intentions survey by CBRE shows that the real estate market of Vietnam ranks second among the top three preferred emerging markets, following India and preceding Thailand, in the region.

This survey results reflect the positive potential of the Vietnamese economy and foreigners’ plans to buy housing here, the real estate service company noted in VietnamPlus.

CBRE Vietnam said investment flows into the country mainly come from Asian investors like Singapore, Japan, Hong Kong (China), and the Republic of Korea. The value of each transaction often varies between USD20-50 million.

Meanwhile, financial funds from more developed markets in North America and Europe have yet to deeply penetrate the Vietnamese market.

New data unveils the tightest-held suburbs and those with the fastest turnover

In Australia, there are some suburbs where property owners have put down roots and never want to leave. Maybe this is because they have found their “forever home” or have been living in a highly sought-after blue-chip suburb.

But property seekers wanting to buy in these neighbourhoods could wait a long time to get their foot in the door.

Killarney Heights, in northern Sydney, has an average holding period of 20.1 years making it the most tightly-held suburb in the country. Most properties in Killarney Heights are large, with four or five bedrooms, swimming pools, and plenty of outside space. Many residents have moved there to raise a family and be close to the good schools but still be close to the city. And they have liked it so much there, they have never left.

Find out the other suburbs on PropTrack’s list.

The Property Report editors wrote this article. For more information, email: [email protected].