Mumbai (Maharashtra) [India], November 22 : Mumbai and Delhi have secured spots among the top five cities in the Asia-Pacific (APAC) region for annual price growth in luxury residential markets, according to Knight Frank's latest report.
Alongside Vietnam and Thailand, India is highlighted as one of the emerging markets in the region, driven by its strong economy, supportive policies, and improving infrastructure.
Mumbai has emerged as a leader in luxury property growth, ranking third in the APAC region with an 11.5 per cent year-on-year (YoY) increase in Q3 2024. This growth is closely linked to the robust performance of Indian stock markets, which have reached record highs.
Mumbai is now the 14th most expensive APAC city for prime residential properties, with an average price of USD 953 per sq ft. Buyers with USD 1 million can secure approximately 103 sq m of luxury real estate in the city, reflecting its strong investment potential.
Delhi also performed well, ranking fifth with a 6.5 per cent YoY increase in luxury property prices. The city is the 19th most expensive market in the APAC region, with an average price of USD 452 per sq ft.
Bengaluru followed closely, ranking seventh with a 4.8 per cent YoY increase in prime residential prices, where properties are priced at an average of USD 255 per sq ft.
India's overall residential real estate market is witnessing significant momentum, supported by economic growth and infrastructure advancements.
The country recorded 87,108 residential sales in Q3 2024, a 5 per cent YoY rise, while the premium segment grew by a substantial 41 per cent during the same period.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, "The interplay of a growing economy and evolving lifestyle aspirations positions India as a distinctive and attractive prospect for investment opportunities.'
The report also noted that India boasts one of the highest home ownership rates in the APAC region at 87 per cent, just behind Singapore (90 per cent) and Vietnam (88 per cent).
Kevin Coppel, Managing Director of Knight Frank Asia-Pacific, said, "As global wealth shifts and geopolitical landscapes evolve, affluent individuals are seeking prime residential hotspots that provide both lifestyle benefits and financial security."