Mumbai's Luxury Property Market Sees Second-Highest Price Growth Globally
Mumbai's prime residential property prices have surged 13% in the past year, making it the second-highest growth globally, driven by robust demand.
MumbaiLuxury PropertyPrime ResidentialKnight FrankIndia Real EstateReal Estate MumbaiAug 23, 2024
The Knight Frank Prime Global Cities Index, which tracks the movement of prime residential prices across 44 cities worldwide, revealed that Manila led the pack with a 26% on-year growth in prices, while Mumbai clinched the second spot with its 13% appreciation. Other key Indian residential property markets, including New Delhi and Bengaluru, also recorded significant growth, with 10.6% and 3.7% rises, respectively, in their average annual prices of prime residential properties.
The demand for prime properties in Mumbai has been particularly strong, driven by the increasing affluence of the wealthy and their need for lifestyle-oriented properties. This trend is expected to continue in 2024, with the economic outlook remaining strong and sentiments buoyant.
The premium segment has been the primary driver of sales growth across the Indian market, and this is reflected in the price growth seen during the June quarter. The increasing affluence of the wealthy and their need for lifestyle-oriented properties has fuelled the prime residential market. We expect this momentum to sustain in 2024, as the economic outlook continues to remain strong and keeps sentiments buoyant,
Frequently Asked Questions
What is the Knight Frank Prime Global Cities Index?
The Knight Frank Prime Global Cities Index is a valuation-based index that tracks the movement of prime residential prices across 44 cities worldwide.
What is the current state of the luxury property market in Mumbai?
Mumbai's luxury property market has witnessed a 13% increase in prime residential property prices, making it the second-highest growth globally.
What is driving the demand for prime properties in Mumbai?
The demand for prime properties in Mumbai is driven by the increasing affluence of the wealthy and their need for lifestyle-oriented properties.
What is the outlook for the Indian real estate market in 2024?
The economic outlook remains strong, and sentiments are buoyant, with the premium segment expected to continue driving sales growth across the Indian market.
How does the Indian real estate market compare to the global market?
Indian markets remained a remarkable exception to the global story, with all major markets remaining in growth mode for prime residences.
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