New Delhi and Mumbai Shine in Prime Global Cities Index Q4 2024, Bengaluru Sees Major Jump

India’s real estate market is making waves globally, with New Delhi and Mumbai securing top spots in the Prime Global Cities Index Q4 2024. Delhi ranked sixth, while Mumbai claimed the seventh position on the list. Bengaluru also made a remarkable jump from 27th place in Q4 2023 to 13th in Q4 2024, reflecting strong growth in India’s luxury housing segment.

Delhi and Mumbai Among Top 10 Global Luxury Housing Markets

The latest report by property consultancy firm Knight Frank highlights a significant rise in prime residential prices across India's major cities. Delhi recorded a 6.7% annual increase, moving up from 16th place in Q4 2023 to 6th in Q4 2024. The rise is attributed to affluent buyers seeking luxury homes amid a stable economic environment.

Mumbai’s luxury home prices increased by 6.1% year-on-year, securing the 7th rank globally. The city continues to attract high-net-worth individuals, driving demand in the premium housing market.

Bengaluru’s Surprising Growth in Luxury Housing

Bengaluru made one of the biggest jumps in rankings, moving up 14 places from 27th to 13th within a year. The city saw a 4.1% rise in prime residential prices, reflecting a strong demand for high-end homes. Experts believe Bengaluru’s booming IT sector and rising investor interest are key factors behind this growth.

Global Rankings and Market Trends

The Prime Global Cities Index tracks luxury housing price movements across 44 cities worldwide. Seoul topped the list with an 18.4% price increase, followed by Manila with 17.9% YoY growth. The overall global prime residential index rose by 3.2% in 2024, with 34 out of 44 cities recording price growth.

Experts predict continued demand for luxury homes in India, driven by strong economic conditions and evolving buyer preferences. As more high-net-worth individuals look for premium lifestyle upgrades, Delhi, Mumbai, and Bengaluru are expected to remain key players in the global luxury housing market.