According to Knight Frank’s most recent research, Mumbai and Delhi have risen to rank among the top five Asia-Pacific cities in terms of the growth of luxury home prices. This accomplishment highlights India’s standing as a developing market supported by a robust economy, pro-business policies, and improved infrastructure, alongside Vietnam and Thailand.
With a remarkable 11.5% year-over-year gain in Q3 2024, Mumbai secured the third position in the APAC region, demonstrating its leadership in the expansion of luxury real estate. The strong success of the Indian stock markets, which have hit previously unheard-of heights, is consistent with this economic trend. With an average price of USD 953 per square foot, Mumbai is therefore ranked 14th among the most costly APAC cities for premier residential properties. The investment potential is high since USD 1 million can secure approximately 103 sq meters of luxury real estate.
At an average price of USD 452 per square foot, Delhi ranks sixth in terms of luxury property prices, up 6.5% year over year, making it the 19th most expensive APAC market. Bengaluru is in close pursuit, rising 4.8% year over year to rank eighth. As seen by a 41% increase in premium sector sales and a 5% increase in residential sales in Q3 2024, India’s residential market is expanding.
Knight Frank India’s chairman and managing director, Shishir Baijal, noted that the country’s economic expansion and changing lifestyle preferences are major factors that make it a desirable place to invest. With a noteworthy 87% house ownership percentage, India trails just Singapore and Vietnam in the APAC region.
Affluent people are seeking out premium residential areas for lifestyle benefits and financial stability due to shifting global wealth and changing geopolitical settings, according to Kevin Coppel, Managing Director of Knight Frank Asia-Pacific.
Source: Devdiscourse
