According to a recent report, Mumbai and Delhi have been ranked among the top five Asia-Pacific prime residential markets for annual price growth. The report has highlighted India, along with Vietnam and Thailand, as emerging markets in the region experiencing notable growth. Real estate consultant Knight Frank India has said this in a statement.
Mumbai secured the third position on Knight Frank’s annual prime residential price growth index for the APAC region, with luxury property prices rising by 11.5 per cent YoY (year-on-year) in Q3 2024.
“Mumbai’s strong performance aligns with the bullish trend in Indian stock markets. Investor sentiment remains robust, reflected in record-high equity indices and the significant price growth in the city’s prime residential sector, driven by its BFSI (banking, financial services, and insurance) dominance.
Mumbai is also ranked as the 14th most expensive APAC prime residential market, with an average cost of USD 953 per square foot. A USD 1 million investment in the city can secure approximately 103 square feet of prime real estate.
Delhi, ranked fifth on the index, reported a 6.5 per cent year-on-year increase in luxury property prices. The capital is noted as the 19th most expensive prime residential market in APAC, with an average price of USD 452 per square foot in Q3 2024.
With Mumbai, Delhi-NCR, and Bengaluru leading in prime residential price growth, the market is demonstrating resilience and establishing itself as a key hub for prime real estate investments.
The ‘sky is the limit’ for India’s middle-income housing market. The prime residential sector in the Asia-Pacific region has proven to be one of its most resilient assets, enduring both the impacts of the pandemic and rising interest rates.
Housing markets across the region are shaped by strong aspirations for home ownership, coupled with limited housing supply and continued economic growth.
India’s residential real estate market is experiencing robust growth, driven by economic progress and infrastructure improvements. Residential sales in Q3 2024 reached 87,108 units, marking a 5% year-on-year increase, with the premium segment rising significantly by 41%.
Knight Frank India Chairman Shishir Baijal emphasized that India’s expanding economy and changing lifestyle aspirations make it a prime investment destination. The report highlights India’s high home ownership rate at 87%, ranking just below Singapore (90%) and Vietnam (88%).
Globally, wealthy investors are drawn to prime markets offering lifestyle and financial benefits. Manila and Tokyo have witnessed an annual price change of 29.2 per cent and 12.8 per cent, respectively, in their prime residential prices.
Delhi ranked 5th on the annual prime residential price growth index for the APAC region, reporting a 6.5 per cent YoY increment in luxury property prices. Bengaluru ranked 7th with prime residential prices growing by 4.8 per cent YoY in Q3 2024. The average price for the prime residential market in the city is recorded at USD 255 per sq ft.
Prime residential property is referred to as the most desirable and expensive property in a given location. It is generally defined as the top 5 per cent of each market by value, the consultant said.
As such, two Indian cities, Mumbai and Delhi, have ranked among top 5 prime residential markets in Asia-Pacific, and its not Bengaluru, Noida, Hyderabad, Gurugram, or Chennai
“Mumbai’s strong performance aligns with the bullish trend in Indian stock markets. Investor sentiment remains robust, reflected in record-high equity indices and the significant price growth in the city’s prime residential sector, driven by its BFSI (banking, financial services, and insurance) dominance.
With Mumbai, Delhi-NCR, and Bengaluru leading in prime residential price growth, the market is demonstrating resilience and establishing itself as a key hub for prime real estate investments.
India’s residential real estate market is experiencing robust growth, driven by economic progress and infrastructure improvements. Residential sales in Q3 2024 reached 87,108 units, marking a 5% year-on-year increase, with the premium segment rising significantly by 41%.
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