New Delhi has secured the sixth position and Mumbai the seventh on the Prime Global Cities Index for Q4 2024, according to a report by property consulting firm Knight Frank. Bengaluru has also made a significant leap from the 27th rank in Q4 2023 to the 13th spot.
The impressive performance of the three Indian cities is attributed to a robust increase in the average annual prices of prime residential or luxury homes in the last quarter of the year. New Delhi experienced a 6.7% price growth in the past 12 months, driven primarily by affluent homebuyers seeking lifestyle upgrades in a strong economic environment. This impressive growth propelled the city from 16th place in Q4 2023 to 6th place in Q4 2024.
Mumbai’s prime residential prices also grew by a strong 6.1% year-on-year in Q4 2024, securing the city the 7th spot in the overall rankings. Meanwhile, Bengaluru observed an impressive jump from the 27th rank in Q4 2023 to the 13th spot in Q4 2024, with a 4.1% annual increase in prices.
Seoul claimed the top spot on the index with an 18.4% annual rise in prices, showcasing the city’s resilience despite political uncertainty. Manila followed closely behind with a 17.9% year-on-year growth, ranking second in the index.
The global prime residential price index recorded a 3.2% increase across the 44 markets in the 12-month period ending December 2024. Out of these, 34 cities reported positive growth on the prime global residential index.
Shishir Baijal, CMD of Knight Frank India, stated, “The strong growth in prime prices reflects the surge in demand seen in this residential segment across markets in India. With homebuyers increasingly prioritizing 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.”
The Prime Global Cities Index is a valuation-based index that tracks the movement of prime residential prices across 44 cities worldwide, measuring nominal prices in local currency.
