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Considering a home purchase in Mumbai? Well, here's news that might catch your attention. In a remarkable twist, Mumbai has surged to the 8th spot worldwide for luxury residential price growth, as revealed by Knight Frank's The Wealth Report 2024. With an astonishing 10% year-on-year increase, the city now proudly stands among the distinguished top 10 on the Prime International Residential Index (PIRI 100).
Mumbai's remarkable surge is even more striking considering its 37th position in 2022. Such a drastic improvement, indicating a robust 10% annual growth in luxury residential prices, is truly noteworthy. Delhi, securing the 37th rank with a 4.2% year-on-year increase in 2023, and Bengaluru at the 59th position, marking a 2.2% YoY increase, also showcase positive momentum in the luxury housing sector.
The Wealth Report 2024 reveals that the Prime International Residential Index (PIRI 100) witnessed an overall increase of 3.1% in 2023. Of the 100 luxury residential markets analyzed, a significant 80 exhibited positive to neutral annual price growth. Manila leads the rankings with an impressive 26% surge, followed closely by Dubai (16%) and the Bahamas (15%).
Asia-Pacific takes the lead as the strongest-performing region globally, boasting a growth rate of 3.8%, outpacing the Americas (3.6%). Sun locations outperform city and ski markets, experiencing a remarkable 4.7% increase on average. Ski resorts follow closely at 3.3%, while prime prices in city markets tracked a rise of 2.7% on average.
Reflecting on the global residential property markets, Kate Everett-Allen, head of international residential and country research at Knight Frank, notes the surprising turn of events. Contrary to expectations, the property markets exhibited a much softer landing in terms of price performance, defying initial concerns of a downturn fueled by various economic factors.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, shares his perspective on the noteworthy growth in the luxury residential market. Mumbai's elevation to the 8th rank globally underscores the city's enduring allure. Meanwhile, both Delhi and Bengaluru demonstrate positive momentum, showcasing improvements in their ranks.
Mumbai's achievement in the global luxury residential market, coupled with the positive strides seen in Delhi and Bengaluru, paints a picture of resilience and growth in India's real estate landscape. The Wealth Report 2024 stands as a testament to the nation's enduring appeal in the realm of luxury housing.
