India's Luxury Real Estate Market Booms: Mumbai and Delhi Lead the Way
Mumbai and Delhi have emerged as top contenders in the global real estate market, with Manila leading the global list with a 26% annual rise in property prices.
Luxury Real EstateMumbaiDelhiIndiaProperty PricesReal Estate MumbaiAug 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 bucked this trend, with Mumbai seeing a 13% increase in property prices, climbing from 6th place a year ago to 2nd position this quarter. New Delhi also saw a significant leap, with a 10.6% rise in property prices, moving from 26th place last year to 3rd position.
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.
Vienna and Bangkok experienced declines of 3.2% and 3.9%, respectively. Wellington, at the bottom of the list, saw a 5.9% fall in prices during the June quarter.
About Knight Frank Knight Frank is a global real estate consultancy firm that provides expert advice on all aspects of property, from residential and commercial sales and lettings to rural and agricultural property.
Information The Indian luxury real estate market has been experiencing a significant surge in growth, driven by the country's growing economy and increasing wealth of its affluent population. This trend is expected to continue, with Mumbai and Delhi leading the way.
Frequently Asked Questions
What is the current trend in India's luxury real estate market?
India's luxury real estate market is experiencing a surge in growth, with Mumbai and Delhi leading the way.
What is the ranking of Mumbai and Delhi in the global real estate market?
Mumbai and Delhi secured the second and third positions, respectively, among 44 cities worldwide for annual price increases in prime residential real estate.
What is the reason behind the strong price growth in Mumbai and Delhi?
The strong price growth in Mumbai and Delhi is attributed to the burgeoning wealth and rising aspirations of the country’s affluent population.
Which other cities are notable in the global real estate market?
Other notable global markets include Los Angeles, Miami, Nairobi, Madrid, Lisbon, Seoul, and San Francisco.
Which city saw the largest decline in property prices?
Wellington saw a 5.9% fall in prices during the June quarter.
Related News Articles
MahaREAT Ruling: Builder Liable to Pre-Deposit Amount Received from Homebuyer and Financer
The Maharashtra Real Estate Appellate Tribunal has held that the builder is liable to pre-deposit the amount received from the homebuyer, as well as the amount paid by the financer to the builder on behalf of the homebuyer.
Bollywood Stars Invest ₹80 Crore in Luxury Mumbai Properties
Bollywood celebrities have a penchant for lavish living, and it shows in their investments in posh Mumbai properties, particularly in Bandra. This popular tourist spot is a hotbed for high-end real estate, attracting not just Bollywood stars but also affl
Navbharat Mega Developers: The New Name for Dharavi Redevelopment Project
Mumbai-based Dharavi Redevelopment Project has been rebranded as Navbharat Mega Developers Pvt Ltd (NMDPL). This change comes in the wake of Adani Properties' significant involvement in the real estate sector, as reported.
Maharashtra Bags 54 MoUs Worth Rs 15.70 Lakh Crore at Davos
Chief Minister Devendra Fadnavis is optimistic about making Maharashtra the first state with a USD 1 trillion economy, as the state signs 54 MoUs totaling Rs 15.70 lakh crore in investments at Davos.
Subhash Ghai Sells Two Mumbai Flats for Rs 11.61 Crore: A Significant Real Estate Move
Renowned Bollywood filmmaker Subhash Ghai has offloaded his two flats in Mumbai's Jogeshwari area for a whopping Rs 11.61 crore, marking a significant transaction in the city's real estate market.
Hyderabad Sees 8% Drop in Property Registrations, High-Value Home Sales Soar
Despite an 8% decline in overall property registrations, Hyderabad has witnessed a significant surge in high-value home sales, with units priced above ₹1 crore increasing by 17%.