Mumbai and Delhi have been ranked among the top 5 Asia-Pacific prime-residential markets to record higher annual price growth, according to a report on Friday, as India was cited among emerging markets in Asia-Pacific, along with Vietnam and Thailand, to experience significant growth.
Mumbai ranked third on the annual prime residential price growth index for the APAC region in the report by Knight Frank, recording an 11.5 per cent YoY increase in luxury property prices in Q3 2024. “Mumbai’s outperformance is in line with the performance of Indian stock markets.
The investment sentiment remains very strong in the economy, and this is reflected in the growth of the equity indices, which have scaled all-time highs, as well as the prime residential prices in this BFSI sector-dominated city, which saw equal price growth, said the report.
Besides this, it is reported that Mumbai is the 14th most expensive APAC prime residential market, with an average price of $ 953 per square foot. In the city, $1 million can buy about 103 square feet of prime real estate property.
Delhi also placed fifth in the annual prime residential price growth index in the APAC region, which registered a 6.5 per cent rise in luxury property prices. The city ranks as the 19th most expensive market with an average price of $ 452 sq ft in Q3 2024, the report mentioned.
The residential market in India has done exceptionally well, aided by economic growth, improvement in infrastructure, and shifting consumer behaviour," Knight Frank India Chairman and Managing Director, Shishir Baijal said.
The market is showing resilience and coming out as a desirable prime investment destination in prime residential price growth, where it has demonstrated strong leadership by Mumbai, Delhi-NCR and Bengaluru.
The interplay of a growing economy and evolving lifestyle aspirations position India as a distinctive and attractive prospect for investment opportunities," Baijal said.
The Asia-Pacific region's prime residential sector is one of the region's most resilient assets, which has withstood the effects of the pandemic and the onslaught of higher interest rates.
The Asia-Pacific housing markets broadly feature high home ownership aspirations in the face of persistent constraints in housing supply and sustained economic growth. India has been touted as the market with the third highest home ownership rate at 87 percent, just behind Singapore at 90 percent and Vietnam at 88 percent.
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