Delhi and Bengaluru have made significant strides in the global luxury residential market, each rising 19 ranks in Knight Frank’s PIRI 100 for 2024. This growth highlights the increasing allure of these cities for high-end real estate. Key highlights include:
- Delhi ranked 18th with a 6.7% YoY growth in luxury prices.
- Bengaluru climbed to 40th place, fueled by rising demand.
Delhi’s Impressive Leap in Luxury Rankings
Delhi’s remarkable ascent to the 18th spot in the 2024 luxury residential market rankings is a testament to its growing appeal among affluent buyers. The city experienced a year-on-year (YoY) growth of 6.7% in luxury residential prices, which significantly contributed to its rise from 37th place in 2023. Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated, “Prime property price growth in Delhi stood at 13%, making it more affordable for global buyers.”
This surge is supported by ongoing infrastructure developments and robust economic growth in the region. With increasing foreign investments and a burgeoning expatriate community, Delhi’s luxury real estate market is becoming an attractive destination for international buyers. The city is not only enhancing its residential offerings but also improving the overall living experience, which plays a critical role in its rising global ranking.
Bengaluru’s Rapid Rise in Luxury Real Estate
Bengaluru’s climb to the 40th position in the global luxury residential market is noteworthy, reflecting a strong demand for high-end properties. The city moved up from 59th place last year, showcasing a remarkable recovery and growth trajectory. The luxurious lifestyle, combined with a booming tech industry, has attracted affluent buyers, resulting in a 14% increase in prime property prices in the area.
As Baijal mentions, “With the US dollar strengthening, the relative affordability of these cities has improved in USD terms.” This makes Bengaluru a more viable option for international investors, who are seeking quality spaces to invest in. The city’s reputation as the “Silicon Valley of India” continues to bolster its luxury real estate market, as tech professionals and global companies flock to the region.
Future Outlook for Indian Luxury Real Estate
Looking ahead, both Delhi and Bengaluru are poised for further growth in the luxury residential sector. The upward momentum in rankings indicates a sustained interest from global buyers. As infrastructure projects continue to enhance connectivity and living standards, the demand for luxury properties is expected to rise. Furthermore, with Mumbai’s recent decline to the 21st position, Delhi and Bengaluru may seize the opportunity to attract more investment in the coming years.
As Baijal notes, “Indian cities continue to establish themselves as competitive players in the global luxury real estate landscape.” This positive outlook suggests that the trend of rising luxury property prices will likely persist, making these cities increasingly attractive for international buyers seeking value and quality.
