admin Mumbai has ascended to number 8 globally for the price growth in luxury housing. On the other hand, Delhi is at the 37th spot and Bengaluru at 59th ranking worldwide.
Mumbai has secured its spot among the top 10 luxury residential markets globally being on the 8th position in terms of price growth in luxury housing.
According to Knight Frank’s The Wealth Report 2024, the value of the Prime International Residential Index (PIRI 100) has increased 3.1% in 2023 which is reflecting overall gains despite a slight decrease in prime residential space affordability.
Delhi has positioned itself at the 37th rank which has portrayed a rise of 4.2% YoY in 2023 which is a drastic increase considering the year 2022, where its global ranking was 77th place. Bengaluru is at the 59th rank as compared to 63rd in the year 2022 which has been recorded as a 2.2% YoY increase in the year 2023 which has been stated by the Index.
The head of international residential and country research at Knight Frank, Kate Everett – Allen has stated that, “At the start of 2023, economists were expecting a much weaker outcome across global residential property markets. Stock markets were heading for more pain, inflation was veering out of control and the pandemic-fuelled property boom was set to end in tears as borrowing costs hit 15-year highs in some markets. However, that never happened – we’ve seen a much softer landing in terms of price performance around the world.”
Wherein, the chairman and managing director at Knight Frank India, Shishir Baijal has said, “Luxury residential market has shown remarkable growth, as highlighted in Knight Frank’s Wealth Report 2024. Mumbai’s ascent to the 8th rank globally, with a staggering 10% year-on-year increase in luxury residential prices, underscores the city’s enduring appeal. While Mumbai logged into the top 10 league among PIRI 100 cities, Delhi and Bengaluru also demonstrated positive momentum by improving their ranks.”
The 2024 anticipation for Mumbai with 5.5% prime price growth forecast looks positive as it ranks second among 25 cities globally.
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