Mumbai and Delhi have emerged as prominent players in the global luxury real estate market, securing top positions for annual price growth in prime residential properties.
According to the latest report by Knight Frank, Mumbai and Delhi now rank 2nd and 3rd respectively among 44 major cities worldwide, showcasing a significant uptrend in high-end real estate values during the second quarter of 2024. The report highlights a substantial rise in property prices in these Indian metropolises, with Mumbai witnessing a remarkable 13% year-on-year increase. This surge has propelled Mumbai from its 6th position last year to the 2nd spot globally. Delhi has also made a notable leap, moving up from 26th place to 3rd, following a 10.6% rise in prices.
The strong performance of these cities underscores the growing demand for luxury real estate, driven by the burgeoning wealth and rising aspirations of India’s affluent population. Globally, the overall price growth in prime residential markets has shown signs of slowing, with an average increase of 2.6% recorded in the June quarter, down from 4.1% in the previous quarter. Despite this deceleration, Mumbai and Delhi’s performance remains robust. Manila led the global rankings with a staggering 26% increase in prime property prices, securing the top spot. Other key global markets include Los Angeles, which ranked 4th with an 8.9% increase, and Miami, which saw a 7.1% rise.
Bengaluru, another major Indian city, maintained its position in the top 15, recording a 3.7% annual increase in luxury property prices. This consistency further reflects the resilience of India’s real estate sector, particularly in the luxury segment. Knight Frank’s report attributes the strong price growth in Mumbai and Delhi to the continued rise in disposable incomes and the increasing demand for high-end residential spaces. As India’s economic landscape evolves, the appetite for luxury living is expected to grow, positioning these cities as key global real estate destinations. With Mumbai and Delhi climbing the ranks, India’s luxury real estate market is clearly on an upward trajectory, underscoring the nation’s growing influence on the global property stage.
