New Delhi Climbs to 6th, Mumbai to 7th in Global Luxury Home Price Growth: Report

New Delhi has secured the sixth position among 44 global cities in the price appreciation of luxury homes, recording an average 6.7% increase in rates during the December 2024 quarter, according to real estate consultant Knight Frank’s ‘Prime Global Cities Index Q4 2024’ report.

Knight Frank released the report on Monday, which is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide, measuring nominal prices in local currency.

Global Rankings and India’s Performance

Seoul topped the global list with an 18.4% increase in luxury home prices during the October-December quarter of 2024, followed by Manila (17.9%), Dubai (16.9%), Tokyo (12.7%), and Nairobi (8.3%).

New Delhi’s luxury real estate market showed remarkable growth, climbing from the 16th position in Q4 2023 to the sixth spot in Q4 2024. The price appreciation has been primarily driven by affluent homebuyers seeking lifestyle upgrades in a robust economic environment.

Mumbai followed closely, with prime residential prices rising 6.1% year-on-year in Q4 2024, securing the seventh spot in the global rankings. Bengaluru also made a significant leap, moving from the 27th rank in Q4 2023 to the 13th position in Q4 2024, with a 4.1% annual increase in luxury home prices.

Market Trends and Outlook

Globally, the prime residential price index recorded an average rise of 3.2% across 44 markets during the 12-month period ending December 2024. Notably, 34 out of 44 cities reported a positive growth trend in luxury home prices during this period.

Shishir Baijal, Chairman and Managing Director of Knight Frank India, attributed the strong growth in prime real estate prices to the surge in demand across Indian markets.

“The robust price growth in India’s luxury housing sector reflects the increasing demand driven by homebuyers prioritizing lifestyle enhancements. With India’s stable economic outlook and positive market sentiment, we anticipate further price appreciation in the near term,” Baijal said.

As luxury homebuyers continue to invest in prime properties, experts believe that India’s real estate market will remain strong, further reinforcing the country’s position in the global luxury housing segment.

Sources By Agencies

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