 "Mumbai, Delhi rank among top 5 APAC mkts for prime residential price growth")
Top Indian cities, Mumbai and Delhi National Capital Region (NCR), featured in the top five prime residential markets across the Asia-Pacific (APAC) region that recorded higher annual price growth in the third quarter of 2024 (Q3 2024), according to Knight Frank.
Mumbai ranked third, with a year-on-year (YoY) increase of 11.5 per cent in prime residential prices, while Delhi NCR secured fifth place with a 6.5 per cent price increase.
Prime residential property refers to the most desirable and expensive properties in a given location. It is generally defined as the top 5 per cent of each market by value.
Further, Bengaluru ranked seventh, with prime residential prices growing by 4.8 per cent YoY. The average price for prime residential markets in the city was recorded at $255 per square foot (sq ft).
In Mumbai’s case, Knight Frank attributed the city’s outperformance to 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 banking, financial services, and insurance (BFSI) sector-dominated city, which saw equally strong price growth.”
Mumbai is also the 14th most expensive APAC prime residential market, with an average price of $953 per sq ft as of Q3 2024. In the city, $1 million can secure approximately 103 square metres of prime real estate property.
Meanwhile, Delhi NCR ranks as the 19th most expensive market, with an average price of $452 per sq ft as of Q3 2024.