edited by: Namit Singh Sengar
Last Update: March 02, 2023, 12:02 PM IST
Prime properties in Mumbai are expected to see a growth of 3% in 2023. (Representational image: Reuters)
Globally, the prime property market of Mumbai has seen a price rise of 6.4%
The value of the Prime International Residential Index (PIRI 100) which tracks the movement of luxury home prices across the world, is projected to increase by 5.2% in 2022.
The latest Knight Frank’s The Wealth Report 2023 states that Mumbai, Bengaluru and Delhi have climbed to higher positions on the PIRI 100 in 2022.
Prime residential prices in Dubai to rise by 44.2% in 2022, retain their position at the top of the PIRI 100 and strengthen their position as a global hub for Ultra-High-Net-Worth Individuals (UHNWIs), with Several visa incentives were assisted.
Of the 100 markets tracked in PIRI, which analyzes major property price performance in 100 cities, sun and ski locations globally, 85 posted positive or flat price growth in 2022.
Read also: Turkey Earthquake: Lessons for India’s Real Estate Industry, According to Experts
The Americas (7%) overtook Europe, the Middle East and Africa (6.5%) for the title of top-performing region, while Asia-Pacific trailed by 0.4%.
Globally, the prime property market of Mumbai has seen a price increase of 6.4%, taking the city to 37th position on the PIRI 100 in 2022, as against 92nd in 2021.
Prime properties in Mumbai are expected to see a growth of 3% in 2023.
The prime property appreciation of Bengaluru sees the city’s position rise by 3% to 63rd in 2022 from 91st in 2021.
Dubai (44.2%), Aspen (27.6%), Riyadh (25.0%), Tokyo (22.8%), and Miami (21.6%) are the top prime residential markets based on the PIRI 100.
Kate Everett-Allen, Partner, Residential Research, Knight Frank, said, “Last year we referred to 2021 as ‘an anomaly’, a year characterized by stellar price growth as markets grappled with the effects of COVID-19. The gates reopened, and the spirit of revenge took hold. After a boom like that, you could be forgiven for thinking that 2022 would mark a return to business as usual. far from it. Leaving aside 2021, the year 2022 posted the highest level of prime price growth on an annual basis (5.2%) since the global financial crisis.
Monaco continues its reign as the world’s most expensive city, where $1 million can get you 17 sq m, followed by Hong Kong (21 sq m) and New York (33 sq m) in 2022.
In comparison, in Mumbai one can buy 113 sq. mts. Prime residential real estate, making the city cheaper by 13% (in dollar terms) since 2018. Mumbai is the 18th most expensive prime residential market in the world.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “Indian residential markets have shown increased demand over the past several quarters, leading to an increase in values. We also note that the prime residential market India The pace of sale of high-end properties has seen an increase.”
“Mumbai ranked second among APAC markets after Tokyo, where values increased by 6.4%, while other markets in the region saw a decline in values. India is also one of the few large economies that has continued its growth momentum since its post-pandemic onset while many other places are facing new economic challenges.”
read all latest business news Here