New Delhi 6th, Mumbai 7th on Prime Global Cities Index for Q4 2024: Report
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Synopsis
In the latest Prime Global Cities Index for Q4 2024, New Delhi and Mumbai have been ranked 6th and 7th respectively, while Bengaluru has climbed to 13th place. The report highlights significant growth in luxury home prices across these Indian cities, driven by affluent buyers seeking lifestyle upgrades.
Key Takeaways
- New Delhi ranks 6th with a 6.7% price increase.
- Mumbai holds 7th place with a 6.1% annual growth.
- Bengaluru jumps to 13th from 27th, showing a 4.1% rise.
- Seoul leads the index with an 18.4% increase in luxury prices.
- 34 of 44 cities in the index showed positive growth.
Mumbai, Feb 10 (NationPress) New Delhi has been positioned at 6th place and Mumbai at 7th place in the ‘Prime Global Cities Index Q4 2024’. Additionally, Bengaluru has made a significant leap from 27th in Q4 2023 to 13th in the current ranking, according to a report released on Monday.
These three Indian cities have exhibited a substantial rise in their average annual prices of prime residential or luxury homes over the last quarter of the year, as per a study conducted by the property consultancy firm Knight Frank.
New Delhi recorded an impressive 6.7 per cent increase in prices over the past year, attributed mainly to wealthy homebuyers seeking an upgrade in lifestyle amidst a strong economic backdrop. The city advanced from 16th position in Q4 2023 to 6th in Q4 2024, as noted in the study.
Mumbai also saw a robust 6.1 per cent year-on-year (YoY) increase in its prime residential prices in Q4 2024, securing the 7th position in the overall rankings.
Bengaluru experienced a notable rise from 27th in Q4 2023 to 13th in Q4 2024, with a recorded 4.1 per cent annual increase in prices.
Seoul topped the ranking with an 18.4 per cent annual price rise, showcasing remarkable resilience in its luxury market despite political uncertainties. Manila followed with 17.9 per cent growth, placing it 2nd in the index.
The overall increase in the global prime residential price index was noted at 3.2 per cent across 44 markets for the 12-month period ending December 2024, with 34 out of 44 cities reporting positive growth in the prime global residential index during this time frame, as indicated in the report.
“The remarkable growth in prime prices reflects a surge in demand within this residential sector across Indian markets. As homebuyers increasingly seek lifestyle enhancements, supported by a stable economic outlook and positive market sentiment, this sector is likely to continue experiencing rising price levels in the near future,” remarked Shishir Baijal, CMD of Knight Frank India.
The ‘Prime Global Cities Index’ is a valuation-based index that monitors the movement of prime residential prices across 44 cities globally. It tracks nominal prices in local currency.
