New Delhi and Mumbai - Business Outrank

The luxury housing sector has witnessed a strong growth all over the world, New Delhi stands at 6th position and Mumbai at 7th position in the Prime Global Cities Index Q4 2024 by Knight Frank. The luxury housing segment has shown 6.7% price escalation in New Delhi as the wealthy homebuyers are looking for better lifestyle options. The report follows the movement of prime residential prices across global cities in local currency. The index is headed by Seoul with 18.4% increase in prices followed by Manila with 17.9%, Dubai with 16.9%, Tokyo with 12.7% and Nairobi with 8.3%. New Delhi improved its ranking from 16th place in Q4 2023 to 6th place in Q4 2024. This growth can be attributed to the strong economic environment of the city and increasing consumer aspirations for high end properties. Mumbai also saw a 6.1% annual appreciation in price and stood at the 7th position globally. Bengaluru also showed strong performance, what it achieved is a 4.1% annual price appreciation in the luxury segment and it moved up from 27th position to 13th position. According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, "The demand for luxury homes has risen due to positive market sentiment and stable economic outlook." This trend is likely to continue because homebuyers are still focusing on lifestyle improvements and investing in prime properties. Out of 44 markets, 34 markets showed positive growth and the average rise in luxury home prices was 3.2% in 12 months up to December 2024. This shows that there is an increasing demand for luxury real estate across the globe.

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