Mumbai Realty Market’s 8th Most Expensive in the World

Sustained demand for upscale properties aided by consistent expansion of the economy and rising prices has catapulted Mumbai, the country’s financial capital, into the world top 10 luxury real estate markets.

India’s largest and most expensive property market now ranks 8th as against 37th position just a year ago in 2022 supported by 10% on-years growth in terms of annual luxury residential price rise, showed Knight Frank’s wealth report 2024. Global luxury residential markets registered an average price rise of 3.1% in 2023.

Property market of Delhi ranked 37th with an annual price rise of 4.2% YoY in 2022 as compared to 77th rank in 2022. Bengaluru stands at 59th rank compared to 63rd in 2022 recording a 2.2% increase.

The outlook for 2024 remains bright as Mumbai with a 5.5% prime price growth forecast, ranks second among the 25 cities globally.

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.