Mumbai, New Delhi and Bangalore recorded an increase in their average annual prices of prime residential or luxury homes in Q4 2024, as noted by the recent report ‘Prime Global Cities Index Q4 2024’ by international property consultancy Knight Frank. New Delhi’s impressive 6.7% price growth in the past 12 months was driven primarily by affluent homebuyers looking for a lifestyle upgrade in the backdrop of a strong economic environment. The city jumped from 16th spot in Q4 2023 to 6th spot in Q3 2024.
Mumbai’s prime residential prices also grew by a strong 6.1% year-on-year (YoY) in Q4 2024 securing the 7th spot in the overall rankings. Bangalore observed an impressive jump from 27th rank in Q4 2023, to 13th in Q4 2024, and recorded 4.1% annual increase in prices. The rise in global prime residential price index was recorded at 3.2% across the 44 markets in the 12-month period ending December 2024. Of 44 cities considered, 34 reported positive growth on the prime global residential index in the period.
Seoul claimed the top spot in the ranking with an 18.4% annual rise in prices. The city’s luxury market demonstrated remarkable resilience despite political uncertainty. Manila with 17.9% YoY growth ranks 2nd in the index.
| The Knight Frank Prime Global Cities Index Q4 2024 (Ranked by annual % Change) | ||
| Rank | City | 12-month % change |
| 1 | Seoul | 18.4 |
| 2 | Manila | 17.9 |
| 3 | Dubai | 16.9 |
| 4 | Tokyo | 12.7 |
| 5 | Nairobi | 8.3 |
| 6 | New Delhi | 6.7 |
| 7 | Mumbai | 6.1 |
| 8 | Madrid | 5.5 |
| 9 | Perth | 5.3 |
| 10 | Lisbon | 5.3 |
| 13 | Bengaluru | 4.1 |
| 14 | Zurich | 4.0 |
| 15 | Dublin | 3.9 |
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.”
Liam Bailey, Knight Frank’s global head of research said “The path to lower rates has become more complex over recent months as developed economy inflation refuses to fall as policy makers would like. However with most commentators expecting further cuts in 2025 this will be the factor that will unlock higher house price growth this year.”
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
