Mumbai is now the 14th most expensive residential market in the Asia-Pacific region; Know the surprising property rate
Mumbai is considered the 14th most expensive residential market in the Asia-Pacific region based on an average price of $953 per square foot. About 103 square feet of luxury residential property can be purchased in the city for $1 million. Vietnam and Thailand are considered one of the emerging markets in the Asia-Pacific region along with India. The rate of buying one's own house in India is 87%.
Among the top five markets in Asia-Pacific for the price rise of luxury residential real estate are Delhi and Mumbai. As per the Knight Frank report, Mumbai ranks third in the luxury residential price growth index in the Asia-Pacific region. It has recorded an annual increase of 11.5% in luxury property prices in the third quarter of calendar year 2024.
The report said, 'Mumbai's better performance is in line with the performance of Indian stock markets. Investment sentiment in the economy remains very strong and this is reflected in the rise in equity indices.' Apart from this, Mumbai is considered to be the 14th most expensive residential market in the Asia-Pacific region based on an average price of $953 per square foot. About 103 square feet of luxury residential property can be purchased in the city for $1 million. Vietnam and Thailand are considered one of the emerging markets of the Asia-Pacific region along with India.
In terms of luxury residential property, the Asia-Pacific region ranks fifth in the Luxury Residential Price Growth Index. The prices of luxury property here have increased by 6.5%. According to Jagran, Delhi is considered to be the 19th most expensive market in the Asia-Pacific region with an average price of $452 per square foot in the third quarter of the calendar year 2024.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, 'India's residential real estate sector is experiencing significant growth.' Mumbai, Delhi-NCR, and Bengaluru are leading the price growth of luxury residential property. The market remains resilient and is establishing itself as a major hub for prime real estate investment. The rate of buying one's own home in India is 87%, while it is 90% in Singapore and 88% in Vietnam.
Delhi's famous Khan Market has made it to the top list of global retail street markets. It has become India's most expensive retail market. The latest ranking has come in Cushman & Wakefield's 'Main Street Across the World' report. As India's most expensive retail destination, Khan Market has secured 22nd place in the top list of global retail markets. The rate of land here is $229 or Rs 19,330 per square foot per annum. It has registered an increase of 7% on an annual basis.
