Knocksense Shorts | Mumbai secures 8th position in world's Top 10 Luxury Residential Markets

Mumbai's luxury real estate market has clinched a prestigious spot among the world's top 10, up from 37th position a year ago, according to Knight Frank’s The Wealth Report 2024. The city is now standing proudly at the 8th position globally, owing to its noteworthy escalation in luxury housing prices.

Despite a slight decrease in prime residential space affordability, Mumbai's luxury market still remains strong. It boasts a 10% increase according to the Prime International Residential Index (PIRI) report.

Conversely, Delhi has witnessed improvement too, climbing to the 37th place with a 4.2% year-on-year increase while Bengaluru stands at 59th, up by 2.2% since last year. Additonally, Knight Frank's experts have noted a softer-than-expected landing for global property markets in 2023, defying earlier economic forecasts.