Luxury real estate markets in Mumbai and Auckland predicted to grow in 2024


Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content overseeing all content and taking deep dives into the trends and data driving changes in payments. Previously, Lucy worked as a technology journalist and editor,… Read more
  • Mumbai and Auckland are projected to have the highest year-on-year increase in prime residential market prices at 5% in 2024.
  • Mumbai is positioned at the top of the rankings for high net-worth individuals (HNWIs) and is an attractive location for luxury international travellers.
  • Both Auckland and Mumbai have grown in popularity among HNWIs due to their stable economies and investment in infrastructure.

A recent report by Knight Frank has predicted that Mumbai and Auckland will have the highest luxury real estate market growth in 2024, with both cities already experiencing growth in 2023.

Knight Frank’s ‘Prime Global Cities Index’ for Q2 2023 observed that Mumbai saw a robust 5.2% growth in prime residential prices, meaning that it saw the 6th highest year-on-year real estate increase amongst the cities included.

The report linked the global price increase of luxury residential properties to stabilising interest rates. The report monitored 46 real estate markets across the globe, and witnessed an average annual price rise of 1.5%.

The report also estimated that Mumbai and Auckland will have the biggest year-on-year increases in prime residential market prices in 2024.

The strong projection for Mumbai is due to a stable and growing economic status; good education and amenities for the younger generation; and large-scale investment in infrastructure, both luxury and affordable.

Bengaluru, India’s technology centre, was positioned 20th in Knight Frank’s index for luxury real estate growth and witnessed a 3.6% year-over-year increase in Q2 2023. New Delhi was at ranked 26th, displaying a 0.2% year-over-year rise during the same period.

HNWIs wishing to purchase foreign real estate in Mumbai should use a safe money transfer system when investing.

In April 2023, Auckland was estimated to have a population of 24,000 millionaires, many being wealthy nationals and skilled international workers. Auckland’s anticipated 5% growth also boosts the city’s outlook for luxury real estate.

Shishir Baijal, chairperson and managing director of Knight Frank India, highlighted the uniqueness of India’s economic performance against global problems, noting that residential real estate sales stayed strong despite global inflation and slow growth in other nations.

Baijal ascribed this success to India’s consistent policy rates, abundance of ready properties, and increased building costs in the prime property segment.

Knight Frank’s report indicates that both Mumbai’s and Auckland’s stable mortgage rates and investment in luxury real estate have increased the cities’ popularity among international HNWIs.

Wealthy individuals interested in making international payments for luxury real estate should consider India’s top financial cities as attractive locations.

HNWIs wishing to invest in luxury real estate overseas can use our money transfer comparison tool to find the best available transfer rates.

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