For US$ 1 million, Mumbai affords to buy 103 sq. mt. of prime residential area. (Representative picture)
Mumbai ranked eighth on Knight Frank’s PIRI’s index in 2023 as in comparison with thirty seventh rank in 2022
According to Knight Frank’s The Wealth Report 2024, the worth of the Prime International Residential Index (PIRI 100) has elevated by 3.1% in 2023 showcasing stable total good points. Of the 100 luxurious residential markets tracked, 80 recorded optimistic to impartial annual value progress.
PIRI 100 tracks value efficiency throughout 100 key metropolis, solar and ski areas.
Manila (26%) leads the rankings whereas Dubai (16%), final yr’s frontrunner slipped one spot. The Bahamas (15%) is available in third place with Algarve and Cape Town (each 12.3%) finishing the highest 5.
Asia-Pacific (3.8%) pipped the Americas (3.6%) to the title of the strongest-performing world area, with Europe, the Middle East and Africa trailing (2.6%).
Sun areas proceed to outperform metropolis and ski markets, up 4.7% on common. Ski resorts are shut behind (3.3%) and prime costs within the metropolis market tracked have risen 2.7% on common.
India
Mumbai ranked eighth on Knight Frank’s PIRI’s index in 2023 as in comparison with thirty seventh rank in 2022 which is an outstanding leap of 10% yr-on-yr progress when it comes to annual luxurious residential value rise. This leap has marked a spot for Mumbai within the prime 10 main luxurious residential markets.
Delhi ranked thirty seventh and showcased an increase of 4.2% YoY in 2023 as in comparison with 77th rank in 2022. Bengaluru stands at 59th rank in comparison with 63rd in 2022 recording a 2.2% YoY improve in 2023.
Kate Everett-Allen, head of worldwide residential and nation analysis at Knight Frank mentioned, “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.”
Shishir Baijal, chairman & MD, Knight Frank India, mentioned, “India’s 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 leagues among PIRI 100 cities, Delhi and Bengaluru also demonstrated positive momentum by improving their ranks.”
“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.”
How Much Space Can US $1 Million Buy?
Monaco continues its reign because the world’s most costly actual property market the place US$ 1 million can get you 16 sq. metres (sq. mt.) of area, adopted by Hong Kong (22 sq. mt.) and Singapore (32 sq. mt.) in 2023.
For US$ 1 million, Mumbai affords to buy 103 sq. mt. of prime residential area, marking a discount in area buy of 8.85% YoY in comparison with 113 sq. mt. in 2022.
Comparatively in Delhi, one should buy 217 sq. mt. which accounts to discount of three.98% from 226 sq. mt. in 2022. Bengaluru recorded a 2.12% area discount from 385 sq. mt. in 2022 to 377 sq. mt. in 2023.
