MUMBAI: New Delhi has been ranked sixth and Mumbai seventh on the ‘Prime Global Cities Index Q4 2024’, while Bengaluru has jumped from the 27th rank in Q4 2023 to the 13th spot on the list, a report said on Monday.
The three Indian cities have recorded a robust increase in their average annual prices of prime residential or luxury homes in the last quarter of the year, according to a study released by property consulting firm Knight Frank.
New Delhi’s impressive 6.7 per cent price growth in the past 12 months, 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 Q4 2024, the study stated.
Mumbai prime residential prices also grew by a strong 6.1 per cent year-on-year (YoY) in Q4 2024, securing 7th spot in the overall rankings.
Bengaluru observed an impressive jump from 27th rank in Q4 2023, to 13th in Q4 2024, and recorded 4.1 per cent annual increase in prices.
Seoul claimed the top spot in the ranking with 18.4 per cent annual rise in prices. The city’s luxury market demonstrated remarkable resilience despite political uncertainty. Manila with 17.9 per cent YoY growth ranks 2nd in the index.
The rise in global prime residential price index was recorded at 3.2 per cent 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 period, the report 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,” said Shishir Baijal, Knight Frank India CMD.
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.
–IANS
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