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.
Related News Articles
Meghna Infracon Wins Big: Secures Contract for Mumbai Redevelopment Project
Meghna Infracon, a prominent real estate developer, has bagged a contract for a prestigious redevelopment project in Mumbai's Model Town. This move is set to boost the city's real estate market and provide a facelift to the area.
Mumbai's Property Market Sees a Slump: Registrations Down 14% in September
Property registrations in Mumbai have declined by 14% in September compared to the same period last year, as reported by Knight Frank.
A Teacher and Financial Pro’s Hill Station Retreat Near Mumbai
Discover the unique journey of Anukampa and Anurag, a teacher and financial professional who traded city life for the serenity of Shedung, just 60 km from Mumbai. Explore their reasons for the move and the trade-offs they face daily.
Nisus Finance Achieves 21% ROI in Mumbai Self-Redevelopment Project
Nisus Finance Services Co Limited, a prominent investment management firm, has successfully exited a self-redevelopment housing project in Mumbai, achieving a commendable 21% Internal Rate of Return (IRR).
Chum Darang Shares Her Struggles with Racism in Mumbai: 'Called Me Momo, Chow Chow'
Chum Darang, a young northeast Indian woman, opens up about her harrowing experiences with racism in Mumbai, detailing the derogatory names and discrimination she has faced.
Birla Estates Aims for Rs 2,700 Crore Revenue from Pune Housing Project
Aditya Birla Real Estate's subsidiary, Birla Estates, is targeting a significant revenue of Rs 2,700 crore from a major housing project in Pune, Maharashtra. This ambitious project is expected to boost the company's presence in the region and contribute t