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Bengaluru: Bengaluru ranked seventh in the annual prime residential price growth index for the Asia-Pacific (APAC) region with prime residential prices growing by 4.8 per cent year-on-year in the July to September quarter (Q3) of 2024, according to a report by global property consultancy Knight Frank out on Friday.
Prime residential prices in the Asia-Pacific region rose for the sixth consecutive quarter at 2.9 per cent YoY in Q3 2024, with 14 out of 23 markets tracked reporting stable or increasing prices.
Mumbai ranked third, recording a 11.5 per cent YoY increase in luxury property prices in Q3 2024. The city is noted to be the 14th most expensive APAC prime residential market at an average price of $953 per square foot (sf) as of Q3 2024.
Delhi ranked fifth on the annual prime residential price growth index for APAC region, reporting a 6.5 per cent YoY increment in luxury property prices. The city ranked as the 19th most expensive market with an average price of $452 per sf during Q3 2024.
Bengaluru is 22nd on the list. The average price for the prime residential market in the city is recorded at $255 per sf.
Manila and Tokyo have witnessed an annual price change of 29.2 per cent and 12.8 per cent, respectively, in their prime residential prices, topping the list.
Meanwhile, prime residential prices in Q3 2024 were highest in Hong Kong at $4,172 per sf, followed by Singapore at $2,861 per sf.
Momentum in the residential market in India in Q3 recorded the highest quarterly sales of 87,108 units, representing a 5 per cent YoY increase, while the premium end of the market grew by 41 per cent YoY.
Housing markets in the Asia-Pacific are characterised by high home ownership aspirations amid persistent constraints in housing supply and sustained economic growth.
India has been cited as the market with the third highest home ownership rate of 87 per cent, behind Singapore at 90 per cent and Vietnam at 88 per cent.
Singapore, Australia, Japan and Malaysia lead the report’s rankings as APAC’s leading lifestyle and investment hotspots.