Mumbai ranks third, while Delhi-NCR ranks fifth in Asia Pacific's yearly price rise rating for luxury housing.
By Bricksnwall | 2024-11-23
Mumbai is the 14th most expensive APAC premier
residential market, with an average price of $953 per square foot as of Q3
2024. $1 million can get 103 square meters in the city.
Mumbai and Delhi-NCR are among the cities in Asia
Pacific with the biggest yearly price growth in the luxury housing market. The
financial capital ranked third with an 11.5% year-on-year increase, while Delhi
ranked fifth with a 6.5% increase in luxury property prices.
Bengaluru is placed seventh, with prime residential
prices rising by 4.8% YoY in Q3 2024. The average price for the city's elite
residential market is $255 per square foot, according to a Knight Frank
analysis titled Quality Life-ing: Mapping elite Residential Hotspots.
According to the research, Manila saw the highest
growth in luxury property prices at 29.2%, followed by Tokyo at 12.8%.
Mumbai's success is consistent with the performance
of the Indian stock markets. The economy's investment sentiment remains very
strong, as evidenced by the expansion of equities indexes, which have reached
all-time highs, and prime residential prices in this BFSI sector-dominated
metropolis, which have also seen robust price increase, according to the research.
India, along with Vietnam and Thailand, is
identified as one of the region's developing markets, owing to its robust
economy, supporting policies, and expanding infrastructure, the report states.
Mumbai is the 14th most expensive APAC city for prime residential properties.
Mumbai is presently the 14th most expensive APAC
city for elite residential real estate, with an average price of $953 per
square foot as of Q3 2024. According to the report, $1 million can purchase
around 103 square meters of luxury real estate in the city.
Delhi-NCR, rated fifth on the APAC region's yearly
prime residential price rise index, is the 19th most expensive market, with an
average price of $452 per square foot in Q3 2024.
Bengaluru is placed seventh, with prime residential
prices rising by 4.8% YoY in Q3 2024. The average price for the city's prime
residential market is $255 per square foot, according to the research.
Overall, prime residential prices in the APAC
region increased for the sixth consecutive quarter in Q3 2024, rising 2.9% year
on year (YoY), with 14 of 23 markets reporting stable or rising prices. Prime
home prices in Manila and Tokyo have increased by 29.2% and 12.8%,
respectively, over the previous year.
Momentum in India's residential market has
dramatically accelerated in 2024, with Q3 showing the greatest quarterly sales
of 87,108 units, reflecting a 5% year-over-year (YoY) gain, while the premium
end of the market rose at a far steeper 41% YoY during the same time.
The residential real estate business in India is
expanding rapidly, owing to economic growth, infrastructure advancements, and
changing customer tastes. With Mumbai, Delhi NCR, and Bengaluru leading in
prime residential price increases, the market is proving its durability and
establishing itself as a vital hub for premium real estate investment. The
combination of a booming economy and changing lifestyle ambitions makes India a
unique and appealing potential for investment prospects," said Shishir
Baijal, chairman and managing director of Knight Frank India.
Home ownership in the Asia-Pacific area
Housing markets in the Asia-Pacific region are
defined by high home ownership aspirations, despite ongoing housing supply
restrictions and strong economic growth.
India has been cited as having the third highest
home ownership rate, at 87%, trailing only Singapore at 90% and Vietnam at 88%.
Also Read: Housing sales in Jan-Sep period touch 2.29 lakh units, representing 17% growth year-on-year.
Source: Hindustan times
