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
Decline in Affordable Housing Supply: A Growing Concern in Indian Cities
The supply of affordable homes in India's top 8 cities has declined by 38% in the first quarter of 2024
Mumbai's Sky-High Ambitions: Exploring the City's Love for Skyscrapers
As Mumbai continues to grow
Nexus Select Trust Reports 7% Increase in Net Operating Income to Rs 413 Crore in Q1FY25
Nexus Select Trust, a listed REIT backed by retail real estate, reports 7% increase in net operating income to Rs 413 crore in Q1FY25, with plans to raise up to Rs 1,700 crore through issue of commercial papers and debentures.
Maharashtra's Housing Initiatives: A Model for Affordable, Sustainable, and Inclusive Living
Maharashtra government's housing initiatives aim to provide affordable, sustainable, and inclusive living for all. Shri Atul Save, Hon’ble Minister, Department of Housing, shares his vision for transforming Maharashtra into a model state.
Office Rents in India Surpass Pre-Pandemic Levels, Delhi NCR Takes the Lead: Colliers India Report
Office rents in India's major cities have surpassed pre-pandemic levels in 2024, with Delhi NCR leading the pack with an 8.3% increase compared to 2019. Pune and Mumbai follow closely with significant rises in rental prices.
US-Based State Street Leases Entire Office Tower in Mumbai's Equinox Business Park
State Street Corporation, a leading financial services company, has secured a significant office space in Mumbai by leasing an entire tower in the Equinox Business Park. This strategic move is aimed at establishing a Global Capability Center (GCC) to supp