Mumbai ranked 8th on Knight Frank’s PIRI’s index in 2023 as compared 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. Delhi ranked 37th and showcased rise of 4.2% YoY in 2023 as compared to 77th rank in 2022. Bengaluru stands at 59th rank compared to 63rd in 2022 recording a 2.2% YoY increase in 2023.
According to Knight Frank’s The Wealth Report 2024, the value of 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 positives to neutral annual price growth. Manila (26%) leads the rankings while Dubai (16%), last year’s frontrunner slipped one spot. The Bahamas (15%) comes in third place with Algarve and Cape Town (both 12.3%) completing the top five.
Asia-Pacific (3.8%) pipped the Americas (3.6%) to the title of the strongest-performing world region, with Europe, the Middle East and Africa trailing (2.6%). Sun locations continue to outperform city and ski markets, up 4.7% on average. Ski resorts are close behind (3.3%) and prime prices in the city market tracked have risen 2.7% on average.
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."
Monaco continues its reign as the world’s most expensive real estate market where US$ 1 million can get you 16 square metres (sq. mt.) of space, followed by Hong Kong (22 sq. mt.) and Singapore (32 sq. mt.) in 2023. For US$ 1 million, Mumbai offers for purchase 103 sq. mt. of prime residential space, marking a reduction in space purchase of 8.85% YoY compared to 113 sq. mt. in 2022. Comparatively in Delhi, one can purchase 217 sq. mt. which accounts to reduction of 3.98% from 226 sq. mt. in 2022. Bengaluru recorded a 2.12% space reduction from 385 sq. mt. in 2022 to 377 sq. mt. in 2023.