Introduction
Luxury residential markets in the world: According to the Wealth Report 2024 by Knight Frank, the value of the Prime International Residential Index (PIRI) will increase by 3.1% in 2023. According to the report, out of 100 luxury residential markets tracked, 80 registered positive for neutral annual price growth.
Table of Contents
- Luxury Residential Markets in the World
- Prices in the City Market
- Luxury Residential Market Annual Price (2022 – 2023)
- Which Is a Testament to the City’s Enduring Appeal
Competing with the global market, the report states that Mumbai is ranked 8th in Knight Frank’s PIRI Index in 2023 compared to 37th in 2022, a remarkable increase of 10% year-on-year growth (YoY) in terms of annual luxury residential.
Luxury Residential Markets in the World
This places Mumbai in the top 10 leading luxury residential markets. Delhi is in the 37th position. 2023 shows a growth of 4.2% compared to the 2022 ranking of 77th. Bangalore is ranked 59th and will be ranked 63rd in 2022.
The report highlighted that while Manila (26%) topped the rankings, Dubai (16%), which was the leader last year, slipped one place. The Bahamas (15%) came in third, with the Algarve and Cape Town (both 12.3%) rounding out the top five.
Prices in the City Market
Asia-Pacific (3.8%) led the Americas (3.6%), followed by Europe, the Middle East, and Africa (2.6%) as the world’s strongest-performing region. Sun locations outperformed the city and ski markets, growing an average of 4.7%, the report said. Ski resorts (3.3%) lagged. Prices in the city market rose by an average of 2.7%.
Luxury Residential Market Annual Price (2022 – 2023)
This places Mumbai in the top 10 leading luxury residential markets performance, annual price change (2022–2023)
| Luxury Residential Market ranks | Location | Annual % change |
| 1 | Manila | 26.3 |
| 2 | Dubai | 15.9 |
| 3 | The Bahamas | 15.0 |
| 4 | Algarve | 12.3 |
| 5 | Cape Town | 12.3 |
| 6 | Athens | 12.0 |
| 7 | Ibiza | 12.0 |
| 8 | Mumbai | 10.0 |
| 9 | Shanghai | 8.6 |
| 10 | Mustique | 8.0 |
Kate Everett-Allen, head of international residential and country research, spoke at a conference. “In early 2023, economists expect a very strong result for global residential property markets. The pandemic-fueled property boom ends in tears, and stock markets suffer further.
Inflation is out of control. Borrowing costs have reached 15-year highs in some markets. However, that never happened—we saw a very soft landing in terms of price performance globally.
Which Is a Testament to the City’s Enduring Appeal
Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “India’s luxury residential market has shown tremendous growth, as highlighted in Knight Frank’s Wealth Report 2024. Mumbai has moved up to the 8th position globally.
A steady 10% year-on-year increase in luxury residential prices underscores the city’s enduring appeal. While Mumbai entered the top 10 league among the PIRI 100 cities, Delhi and Bangalore also showed positive momentum by improving their ranks.
Conclusion
The value of the Prime International Residential Index (PIRI 100) increased by 3.1% in 2023, demonstrating solid overall gains. Mumbai is the 8th largest luxury residential market in the world. For more information, visit OpenPlot.
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