Mumbai is now among the world's top 10 luxury real estate markets: Knight Frank Wealth Report 2024

Mumbai is now among the top 10 luxury residential markets in the world. The city is ranked at number 8 globally in terms of price growth in luxury housing. Delhi takes the 37th spot and Bengaluru 59th position, according to Knight Frank’s The Wealth Report 2024.

According to Knight Frank’s The Wealth Report 2024, the value of the Prime International Residential Index (PIRI 100) has increased by 3.1% in 2023 showcasing solid overall gains. Of the 100 luxury residential markets tracked, 80 recorded positive to neutral annual price growth. Manila (26%) leads the rankings, followed by Dubai (16%) and Bahamas (15%).

Mumbai’s rank has improved to 8th on Knight Frank’s PIRI’s index in 2023 as compared to 37th rank in 2022 which is a phenomenal jump of 10% year-on-year growth in terms of annual luxury residential price rise. This jump has marked a place for Mumbai in the top 10 leading luxury residential markets.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, 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 outlook for 2024 remains bright as Mumbai with a 5.5% prime price growth forecast, ranks second among the 25 cities globally. “As we navigate the complexities of the global market, India’s emergence as a prime destination for luxury real estate investment is undeniable,” he added.

Source- Hindustantimes.com