India's Luxury Real Estate Market Sees Unprecedented Growth: Mumbai and Delhi Lead the Charge
Mumbai and Delhi have emerged as top contenders in the global luxury real estate market, with prime residential property prices soaring in the second quarter of 2024.
Luxury Real EstateIndiaMumbaiDelhiGlobal Property PricesReal Estate NewsAug 23, 2024
In the second quarter of 2024, Mumbai and Delhi secured the second and third positions, respectively, among 44 cities worldwide for annual price increases in prime residential real estate. 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.
Manila led the global list with a remarkable 26% annual rise in property prices. Mumbai followed with a 13% increase, 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 leading global real estate consultancy, providing a comprehensive range of services to investors, developers, and occupiers across the globe.
Frequently Asked Questions
Which cities topped the global list for annual price increases in prime residential real estate?
Manila, Mumbai, and New Delhi topped the global list for annual price increases in prime residential real estate.
What is the main reason behind the strong price growth in Mumbai and Delhi?
The main reason behind the strong price growth in Mumbai and Delhi is the burgeoning wealth and rising aspirations of the country’s affluent population.
Which city saw a slight moderation in prices after a 124% surge since 2020?
Dubai saw a slight moderation in prices after a 124% surge since 2020.
What is the ranking of Bengaluru in terms of annual price increase in prime residential real estate?
Bengaluru recorded a 3.7% annual increase in prices, maintaining its 15th place ranking.
Which cities experienced declines in property prices during the June quarter?
Vienna, Bangkok, and Wellington experienced declines in property prices during the June quarter.
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