Mumbai, Delhi Luxury Real Estate Among Top 5 Globally: Knight Frank
Mumbai and Delhi have emerged as top performers in the global luxury real estate market, according to Knight Frank’s recent report, “Prime Global Cities Index January-March 2024”. Both cities recorded significant increases in house prices, positioning them among the top five global cities for prime residential price growth.
Mumbai saw a year-on-year (YoY) growth of 11.5% in prime residential prices during the January-March 2024 quarter, placing it third globally, up from sixth in the same period in 2023.
The National Capital Region (NCR) of Delhi experienced a 10.5% YoY rise in house prices, moving up to fifth place from seventeenth in the previous year.
In contrast, Bengaluru dropped from 16th to 17th in the rankings, despite a 4.8% YoY growth in residential prices.
Manila led the index with a 26.2% increase in prices, followed by Tokyo, which saw a 12.5% rise. Tokyo’s significant growth is attributed to favorable mortgage terms and increased foreign investment.
Knight Frank attributed the price surge in Mumbai and Delhi to robust economic growth, with India’s GDP growing over 8% annually. The global prime residential price index rose by 4.1% across 44 markets, the fastest rate since Q3 2022.
Shishir Baijal, Chairman and MD of Knight Frank India, noted the global trend of strong residential demand, particularly in gateway markets in the Asia-Pacific and EMEA regions. He anticipates stable sales momentum in the coming quarters due to steady economic conditions.
Knight Frank’s Liam Bailey highlighted the continued rebound in global housing markets, with the Prime Global Cities Index showing a 4.1% annual growth. The report also noted a deceleration in the rate of price declines, with only Frankfurt experiencing significant drops.
Mumbai and Delhi: Among the top 5 global cities for prime residential price growth.
Mumbai: 11.5% YoY growth, 3rd place (up from 6th in 2023).
Delhi NCR: 10.5% YoY growth, 5th place (up from 17th in 2023).
Bengaluru: Dropped to 17th from 16th despite a 4.8% YoY growth in prices.
Manila: 26.2% increase, 1st place.
Tokyo: 12.5% increase, 2nd place.
Economic Growth: India’s GDP growth over 8% annually bolstering real estate markets.
Global Prime Residential Price Index: 4.1% rise across 44 markets, fastest since Q3 2022.
Decreasing Price Declines: Only Frankfurt saw significant drops (6.9%).
Strong residential demand in key global markets.
Anticipation of stable sales momentum due to steady economic conditions.
Upwards price pressures due to healthy demand and low supply.
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