India's Luxury Property Market on the Rise: Mumbai and Delhi Top Global Charts
Mumbai and Delhi have emerged as top contenders in the global luxury real estate market, with significant annual price increases in prime residential properties.
Luxury Real EstateIndiaMumbaiDelhiKnight FrankReal EstateAug 23, 2024
The report reveals that the annual price growth across these cities slowed to 2.6% in the June quarter, down from 4.1% in the previous quarter. However, Mumbai and Delhi defied this trend, with Mumbai following Manila's remarkable 26% annual rise in property prices with a 13% increase. New Delhi also saw a significant leap, with a 10.6% rise in property prices.
Bengaluru, another major Indian market, recorded a 3.7% annual increase in prices, maintaining its 15th place ranking. Knight Frank attributed the strong price growth in Mumbai and Delhi to the burgeoning wealth and rising aspirations of the country's affluent population. This trend underscores a robust demand for luxury properties in India's major cities.
Other notable global markets include Los Angeles, which ranked 4th with an 8.9% increase, followed by Miami (7.1%), Nairobi (6.6%), Madrid (6.4%), Lisbon (4.7%), Seoul (4.6%), and San Francisco (4.5%). Conversely, Dubai, after a 124% surge in prices since 2020, saw a slight moderation with a 0.3% annual decline.
The luxury real estate market in India is driven by the country's growing economy and increasing disposable income. As the demand for luxury properties continues to rise, it is likely that Mumbai and Delhi will maintain their positions as top contenders in the global market.
About Knight Frank Knight Frank is a global real estate consultancy that provides an integrated prime residential offering, which includes valuations, sales, lettings, and marketing. The company has a strong presence in India, with offices in major cities such as Mumbai, Delhi, and Bengaluru.
Frequently Asked Questions
Which cities topped the global luxury real estate market in the June quarter?
Mumbai and Delhi secured the second and third positions, respectively, among 44 cities worldwide for annual price increases in prime residential real estate.
What was the annual price growth in Mumbai and Delhi?
Mumbai saw a 13% increase, while Delhi saw a 10.6% rise in property prices.
Which other global markets witnessed significant price increases?
Los Angeles, Miami, Nairobi, Madrid, Lisbon, Seoul, and San Francisco witnessed significant price increases in the June quarter.
What is driving the luxury real estate market in India?
The growing economy and increasing disposable income are driving the luxury real estate market in India.
Which company provided the report on prime residential property prices?
Knight Frank provided the report on prime residential property prices.
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