New Delhi ranks 6th, Mumbai 7th in global luxury home price rise: Report

Real estate consultant Knight Frank on Monday released its ‘Prime Global Cities Index Q4 2024’ report. It is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.

Seoul ranks first with 18.4 per cent increase in average prices during October-December quarter of 2014, followed by Manila (17.9 per cent), Dubai (16.9 per cent), Tokyo (12.7 per cent), and Nairobi (8.3 per cent rise).

“New Delhi’s impressive 6.7 per cent price growth in the past 12 months driven primarily by affluent homebuyers looking for a lifestyle upgrade in the backdrop of a strong economic environment.

The city jumped from the 16th spot in the October-December period of 2023 to the sixth spot in the December quarter of 2024, it added.

Mumbai prime residential prices also grew a strong 6.1 per cent year-on-year (YoY) in Q4 2024, securing the seventh spot in the overall rankings.

Bengaluru saw an impressive jump from the 27th rank in Q4 2023, to 13th in Q4 2024, and recorded 4.1 per cent annual increase in prices.

The rise in global prime residential price index was recorded at 3.2 per cent across the 44 markets in the 12-month period ending December 2024. A total of 34 out of 44 cities reported positive on the prime global residential index in period.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, “The strong growth in prime prices is a reflection of the surge in demand seen in this residential segment across markets in India.”

With homebuyers increasingly prioritising lifestyle upgrades, bolstered by the nation’s stable economic outlook and positive market sentiment, this segment should likely see price levels continue to elevate in the near term, he added.