New Delhi secures 6th, Mumbai 7th spot on Prime Global Cities Index Q4 2024 after Seoul and Manila

New Delhi has witnessed the maximum price appreciation of luxury properties at 6.7% and secured the sixth position among 44 cities globally

New Delhi has witnessed the maximum price appreciation of luxury properties at 6.7% and secured the sixth position among 44 cities globally. Mumbai is ranked seventh, and Bengaluru is ranked 13th, as per the Prime Global Cities Index by Knight Frank.

New Delhi has witnessed the maximum price appreciation of luxury properties at 6.7% and secured the sixth position among 44 cities globally. (Photo by Vipin Kumar/ Hindustan Times)(Hindustan Times)

New Delhi jumped from the 16th spot in the October-December period of 2023 to the sixth spot in the December quarter of 2024, it said.

Mumbai prime residential prices also saw a strong growth of 6.1% 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% annual increase in prices.

Globally, Seoul ranked first with an 18.4% increase in average prices during the October-December quarter of 2014, followed by Manila (17.9%), Dubai (16.9%), Tokyo (12.7%), and Nairobi (8.3%).

The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.

The rise in the global prime residential price index was recorded at 3.2% across the 44 markets in the 12-month period ending December 2024. As many as 34 out of 44 cities reported positive on the prime global residential index in the period.

Shishir Baijal, Chairman and Managing Director at 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 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.”

In July-September 2024, Mumbai and Delhi-NCR were among the top cities in the Asia Pacific region to record the highest annual price growth in the luxury housing segment. The financial capital secured the third spot and recorded an 11.5% YoY increase, while Delhi took the fifth spot and reported a 6.5% rise in luxury property prices.