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Detailed explanation-1: -Global Prime Residential Index has witnessed an annual increase of 8.2 per cent, the IANS report says. Mumbai’s prime residential market registered a marginal decline of 1.1 per cent with an average price of Rs 63, 697 per square feet, according to IANS report.

Detailed explanation-2: -Three Chinese cities – Shenzhen (+19%), Shanghai (+16%) and Guangzhou (+16%) – lead the index this quarter with improving economic sentiment and government investment in the Greater Bay Area of China behind the acceleration.

Detailed explanation-3: -The prime global cities index is a valuation-based index that tracks the movement of prime residential prices in local currency in 45+ cities around the world.

Detailed explanation-4: -The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 45 cities worldwide using data from our global research network. The index tracks nominal prices in local currency.

Detailed explanation-5: -The GCI’s rankings of the top cities in 2022 reflect the self-reinforcing strength of the world’s leading global cities. The top four cities on the list-New York, London, Paris, and Tokyo-are unchanged from 2021 (see figure 1).