Real Estate Mumbai
Mumbai's Luxury Real Estate Market Sees Significant Growth, Ranks 3rd on Prime Global Cities Index
By GeoSquare News Desk · Published 2024-06-14
According to the latest report released by Knight Frank's 'Prime Global Cities Index Q1 2024', Mumbai, India's financial capital, has recorded the highest year-on-year growth in luxury real estate prices. The price of luxury homes in Mumbai and Delhi has seen a significant increase of nearly 11% in the first quarter of FY24.
Mumbai has risen to the third position among the list of top 44 cities globally in terms of appreciation of housing prices, up from sixth position last year. This surge is driven by strong demand for higher-value properties. New Delhi, the capital city of India, has also seen a significant rise, moving from 17th position to fifth.
Mumbai and Delhi are among the most sought-after cities in India, attracting the highest number of people from across the country. These cities' metropolitan culture, robust economic infrastructure, and diverse opportunities make them prime locations for both domestic and international companies. Consequently, the pay scales in these cities are higher, driving significant demand for property. Mumbai, in particular, faces unique challenges due to its landlocked nature, resulting in a limited supply of properties in desirable locations. With demand consistently outpacing supply, property prices in both Mumbai and Delhi have been rising for decades and are expected to continue this trend.
Knight Frank is a global real estate consultancy firm that provides expert advice on all aspects of property. The company's 'Prime Global Cities Index' is a quarterly ranking of the world's top 44 cities by luxury property price growth.
Andromeda Sales & Distribution Pvt Ltd is a leading real estate company in India, with a presence in multiple cities across the country. The company's parent entity, Andromeda Realty Advisors, provides expert advisory services on real estate investments.
Andromeda Sales & Distribution Pvt Ltd is a subsidiary of Andromeda Realty Advisors, a leading real estate consultancy firm in India.