Mumbai's Luxury Real Estate Secures 8th spot Globally in The Wealth Report 2024

Finance capital of India Mumbai has recently witnessed an upsurge in the Real estate market and stood at 10^th among the luxury residential markets in the world, the Knight Frank’s The Wealth Report 2024 says. According to the report, Mumbai is ranked 8^th globally in terms of price growth in luxury housing. Meanwhile, Delhi takes the 37th spot and Bengaluru stands at 59th position.

The report also mentioned that, the value of the Prime International Residential Index (PIRI 100) has increased by 3.1% in 2023 showcasing solid overall gains. Out of total 100 luxury residential markets which were taken into account, in nearly 80 of them positive to neutral annual price growth were tracked. In the same index, Manila is leading with 26%, followed by by Dubai (16%) and Bahamas (15%). 

The Chairman and Managing Director of Knight Frank India, Shishir Baijal quoted, “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.”

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 deadly jump of 10% year-on-year growth.  Delhi is standing at 37^th spot compared to 77th rank in 2022 with 4.2% growth.

The head of international residential and country research at Knight Frank, Kate Everett-Allen, 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.”

Commenting on the market report, Shishir Baijal further commented, “As we navigate the complexities of the global market, India’s emergence as a prime destination for luxury real estate investment is undeniable.”