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A latest report revealed that New Delhi is placed at the sixth position among 44 global cities in terms of luxury home price appreciation, according to Knight Frank’s ‘Prime Global Cities Index Q4 2024’ report. The national capital witnessed an average price increase of 6.7% in the luxury housing segment during the December 2024 quarter. Knight Frank, a leading real estate consultancy firm, released the report on Monday.
The Prime Global Cities Index is a valuation-based index that tracks the movement of prime residential prices across 44 cities worldwide, measuring nominal price changes in local currencies. The latest ranking shows the strong demand for high-end residential properties in New Delhi, reflecting sustained investor interest, economic resilience, and a robust real estate market.
List of to cities globally in luxury home price rise:
Rank
Cities
Increase in Avg prices
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%
11
Singapore
5.0%
12
Brisbane
4.1%
13
Bengaluru
4.1%
14
Zrich
4.0%
15
Dublin
3.9%
What led to price growth in Delhi, Mumbai and Bengaluru?
As per the report, 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 the 16th spot in the October-December period of 2023 to the sixth spot in the December quarter of 2024, it added.
Mumbai prime residential prices also grew a strong 6.1 per cent year-on-year (YoY) in Q4 2024, securing the seventh spot in the overall rankings. Bengaluru saw an impressive jump from the 27th rank in Q4 2023, to 13th in Q4 2024, and recorded 4.1 per cent annual increase in prices.
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. A total of 34 out of 44 cities reported positive on the prime global residential index in period.
Shishir Baijal, Chairman and Managing Director of 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 prioritising 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, he added.
(With PTI inputs)
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