Mumbai Sees 11.5% Growth In Luxury Home Prices, Ranks 3rd In Asia-Pacific: Knight Frank

Mumbai is at third position across the Asia Pacific region in terms of annual price appreciation of luxury homes with 11.5% year-on-year growth in rates during the September 2024 quarter, according to Knight Frank.

Manila and Tokyo have witnessed an annual price change of 29.2% and 12.8%, respectively, in their prime residential prices.

"Mumbai ranks 3rd on the annual prime residential price growth index for APAC region, recording an 11.5% YoY (year-on-year) increase in luxury property prices in Q3 2024," real estate consultant Knight Frank India said in a statement on Friday.

Mumbai is the 14th most expensive APAC prime residential market at an average price of $953 per sq ft as of third quarter of 2024.

Delhi ranked 5th on the annual prime residential price growth index for the APAC region, reporting a 6.5% year-on-year increment in luxury property prices. The city reported an average price of $452 sq ft during third quarter 2024.

Bengaluru ranked 7th with prime residential prices growing by 4.8% year-on-year in third quarter 2024. The average price for the prime residential market in the city is recorded at $255 per sq ft.

Prime residential property is referred to as the most desirable and expensive property in a given location. It is generally defined as the top 5% of each market by value, the consultant said.