Mumbai ranks 3rd, Delhi-NCR 5th in Asia Pacific luxury housing price growth

Mumbai and Delhi-NCR are two of the top cities in Asia Pacific where luxury home prices have gone up the most. Mumbai is in third place with an 11.5% increase in prices over the past year, and Delhi-NCR is in fifth place with a 6.5% rise in prices.

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Bengaluru is in seventh place with a 4.8% increase in prices for luxury homes in the third quarter of 2024. The average price for a luxury home in Bengaluru is $255 per square foot, according to a report by Knight Frank called "Quality Life-ing: Mapping Prime Residential Hotspots."

Manila saw the biggest increase in prices, with a rise of 29.2%, and Tokyo came in second with a 12.8% increase.

The rise in property prices in Mumbai matches the rise in the stock market. India’s economy is growing, and this is helping property prices go up, especially in Mumbai, which has many financial companies. This is causing the prices of luxury homes to increase.

India, like Vietnam and Thailand, is seen as a growing market. The country’s strong economy, better roads, and helpful government policies are helping the market grow.

In the third quarter of 2024, Mumbai became the 14th most expensive city in Asia Pacific for luxury homes. The average price is $953 per square foot. With $1 million, you can buy 103 square meters of luxury property in Mumbai.

Delhi-NCR, which is in fifth place for the biggest yearly price increase, is the 19th most expensive city. The price for luxury homes there is $452 per square foot in Q3 2024.

Bengaluru is ranked seventh with a 4.8% rise in luxury home prices. The average price in Bengaluru is $255 per square foot.

Across Asia Pacific, luxury home prices went up by 2.9% in Q3 2024. In 14 out of the 23 cities studied, prices either stayed the same or went up. Manila and Tokyo saw the highest increases at 29.2% and 12.8%, respectively.

In India, the housing market has grown a lot in 2024. In the third quarter, 87,108 homes were sold, which is 5% more than last year. The higher-end homes sold much more, with a 41% increase compared to last year.

Shishir Baijal, the Chairman and Managing Director of Knight Frank India, said, “India’s housing market is growing quickly because of a strong economy, better infrastructure, and changing customer needs. Cities like Mumbai, Delhi-NCR, and Bengaluru are leading in price growth, showing that the market is strong. India is a good place for real estate investment.”

Housing markets in Asia-Pacific have big dreams of homeownership, but there are not enough homes. The economy is growing steadily. India has the third-highest home ownership rate in the region at 87%, just behind Singapore at 90% and Vietnam at 88%.

Knight Frank’s report says Asia-Pacific is a great place to live and invest. The report looks at 15 top cities based on five important factors: Economy, Human Capital, Quality of Life, Environment, and Infrastructure. Singapore is one of the best places for people who want to move, and India is becoming a big place for real estate investment.

In conclusion, the luxury housing market in India and Asia Pacific is growing. A strong economy, increasing demand for luxury homes, and better infrastructure are helping the market do well.