New Delhi, Nov 22 (PTI) Mumbai is at third position across the Asia Pacific region in terms of annual price appreciation of luxury homes with 11.5 per cent year-on-year growth in rates during the September 2024 quarter, according to Knight Frank.

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.

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"Mumbai ranks 3rd on the annual prime residential price growth index for APAC region, recording an 11.5 per cent YoY (year-on-year) increase in luxury property prices in Q3 2024," real estate consultant Knight Frank India said in a statement on Friday.

Mumbai is the 14th most expensive APAC prime residential market at an average price of USD 953 per sq ft as of Q3 2024.

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Delhi ranked 5th on the annual prime residential price growth index for the APAC region, reporting a 6.5 per cent YoY increment in luxury property prices. The city reported an average price of USD 452 sq ft during Q3 2024.

Bengaluru ranked 7th with prime residential prices growing by 4.8 per cent YoY in Q3 2024. The average price for the prime residential market in the city is recorded at USD 255 per sq ft.

Prime residential property is referred to as the most desirable and expensive property in a given location. It is generally defined as the top 5 per cent of each market by value, the consultant said.

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