New Delhi ranked sixth among 44 global cities in luxury home price appreciation, with a 6.7% rise in Q4 2024, according to Knight Frank. Mumbai secured the seventh spot with 6.1% growth, while Bengaluru climbed to 13th with a 4.1% increase.
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New Delhi climbed to the sixth position among 44 global cities in luxury home price appreciation, registering a 6.7% increase in the December 2024 quarter, according to Knight Frank.
Knight Frank’s ‘Prime Global Cities Index Q4 2024’ tracks prime residential price movements across 44 cities based on local currency valuations. Seoul led the ranking with an 18.4% rise, followed by Manila (17.9%), Dubai (16.9%), Tokyo (12.7%), and Nairobi (8.3%).
“New Delhi’s impressive 6.7% price growth in the past 12 months” was attributed to affluent homebuyers seeking lifestyle upgrades amid a robust economic environment. The city advanced from the 16th spot in Q4 2023 to sixth in Q4 2024.
Mumbai’s prime residential prices saw a strong 6.1% year-on-year (YoY) growth in Q4 2024, securing the seventh position. Bengaluru recorded a 4.1% annual increase, moving up from 27th in Q4 2023 to 13th in Q4 2024.
The global prime residential price index rose 3.2% across the 44 markets in the 12-month period ending December 2024, with 34 cities reporting positive growth.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated, “The strong growth in prime prices is a reflection of the surge in demand seen in this residential segment across markets in India.” He noted that rising demand for lifestyle upgrades, supported by a stable economic outlook and positive market sentiment, is likely to sustain price growth in the near term.
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