New Delhi and Mumbai Rank High on Prime Global Cities Index for Q4 2024

Mumbai: New Delhi and Mumbai have secured top spots on the ‘Prime Global Cities Index Q4 2024’, ranking sixth and seventh respectively. Bengaluru also saw impressive growth, jumping from 27th in Q4 2023 to 13th in Q4 2024, according to the latest report by property consulting firm Knight Frank.

Impressive Growth in Prime Residential Prices Across Indian Cities

The report highlights a significant increase in the average annual prices of prime residential or luxury homes in these Indian cities during the last quarter of 2024. New Delhi led the charge with a remarkable 6.7% growth in prime residential prices, driven by affluent homebuyers seeking lifestyle upgrades. The city rose from 16th place in Q4 2023 to 6th place in Q4 2024, reflecting a strong demand for luxury properties in the region.

Mumbai followed closely with a 6.1% year-on-year (YoY) increase in prime residential prices, securing the 7th spot on the global rankings. Bengaluru’s performance was also noteworthy, as the city jumped to the 13th position, up from 27th place in Q4 2023. Bengaluru recorded a 4.1% annual increase in prices, reflecting a growing demand for high-end residential properties in the city.

Global Rankings and Price Growth Highlights

The ‘Prime Global Cities Index’ ranks cities based on the movement of prime residential prices across 44 markets worldwide. Seoul claimed the top position in the index with an 18.4% annual price increase, demonstrating resilience in its luxury market despite political uncertainties. Manila ranked second with a 17.9% YoY growth in luxury residential prices.

The global rise in the prime residential price index was recorded at 3.2% across the 44 markets in the 12-month period ending December 2024. Notably, 34 out of 44 cities reported positive growth in their prime residential markets.

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Positive Outlook for Indian Luxury Real Estate Market

Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented on the trend, stating, “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 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 tracks the movement of prime residential prices in local currencies across 44 global cities. The report underscores the growing demand for luxury real estate in India and a strong outlook for the prime residential market in the coming months.