The latest edition of Knight Frank's 'The Wealth Report 2023' has revealed that Mumbai's luxury housing prices have experienced a 6.4% appreciation, placing the city at the 37th spot in terms of global rankings. Furthermore, Mumbai is ranked as the 18th most expensive city for luxury housing. This indicates that the demand for high-end residential properties in Mumbai has been on the rise.
Bengaluru, also known as Bangalore, has shown improvement, rising to the 63rd spot in global rankings. Meanwhile, Delhi, the capital city of India, ranked 77th in global rankings with a 1.2% appreciation in prime property values. Both cities have witnessed a steady growth in luxury housing prices.
Interestingly, the report highlights that Mumbai's prime residential real estate has become 13% more affordable since 2018. This trend may be attributed to various factors such as the impact of the COVID-19 pandemic, changes in government policies, and the availability of more affordable housing options.
Overall, the report provides insights into the global luxury housing market, with a focus on India's major cities. It highlights the increasing demand for luxury properties in Mumbai and Bengaluru, and the steady growth in Delhi's prime property values. The report also highlights the affordability factor in Mumbai's luxury real estate market, which could potentially attract more buyers in the coming years.
