Mumbai and Delhi Among Top APAC Cities for Luxury Property Growth

Mumbai and Delhi have ranked among the top five cities in the Asia-Pacific region for luxury residential price growth, driven by India's strong economy and improving infrastructure. Both cities show significant investment potential, with Mumbai's property landscape leading the robust performance.

Mumbai and Delhi have earned positions among the top five Asia-Pacific cities in luxury residential price growth, according to Knight Frank's latest report. This achievement underscores India's prominence, along with Vietnam and Thailand, as an emerging market bolstered by a thriving economy, supportive policies, and infrastructure enhancements.

Mumbai has distinguished itself as a leader in luxury property growth, securing the third spot in the APAC region with an impressive 11.5% year-on-year increase in Q3 2024. This growth trajectory aligns with the robust performance of Indian stock markets, which have reached unprecedented heights. Consequently, Mumbai ranks 14th among the most expensive APAC cities for prime residential properties, with an average price of USD 953 per sq ft. Investment potential is strong, as USD 1 million can secure approximately 103 sq meters of luxury real estate.

Similarly, Delhi performs admirably, ranking fifth with a 6.5% YoY increase in luxury property prices, placing it as the 19th most expensive APAC market by average price of USD 452 per sq ft. Bengaluru follows closely, ranking seventh with a 4.8% YoY increase. India's residential market is gaining momentum, reflected in a 5% rise in residential sales and a 41% spike in premium segment sales recorded in Q3 2024.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, remarked on the economic growth and evolving lifestyle aspirations as key drivers positioning India as an attractive investment prospect. Notably, India boasts high home ownership rates at 87%, ranking closely behind Singapore and Vietnam in the APAC region.

Kevin Coppel, Managing Director of Knight Frank Asia-Pacific, highlighted the shift in global wealth and evolving geopolitical landscapes as key factors prompting affluent individuals to seek prime residential hotspots for lifestyle benefits and financial security.

(With inputs from agencies.)