Bangalore on the Rise:
Good news for the city of gardens! Knight Frank’s Wealth Report 2024 highlights positive trends for Bangalore’s luxury residential market. Despite initial concerns about a global slowdown, the city climbed four positions to 59th place globally, showcasing a 2.2% increase in the value of its luxury residential market. This upward movement signifies Bangalore’s growing appeal within the international luxury real estate landscape.
India’s Impressive Performance:
The report reveals a strong showing for India overall. Mumbai achieved a remarkable feat, jumping to the top 10 globally with a 10% year-on-year growth in luxury residential prices. Delhi also witnessed significant improvement, moving up to 37th rank with a 4.2% year-on-year price increase.
Global Market Overview:
The Prime International Residential Index (PIRI 100) witnessed a 3.1% increase in 2023, with 80 out of 100 tracked markets experiencing positive or stable annual price growth. Manila (26%) topped the rankings, followed by Dubai (16%) and The Bahamas (15%).
Expert Commentary:
Shishir Baijal, Chairman & Managing Director of Knight Frank India, emphasized the positive momentum across Indian cities, stating, “While Mumbai entered the top 10 league, Delhi and Bengaluru also improved their ranks, showcasing India’s emergence as a prime destination for luxury real estate investment.”
While space per million dollars in Bangalore and other Indian cities experienced slight reductions, their climb in the rankings highlights their growing appeal and aligns with India’s overall positive outlook in the report.
