Two Indian Cities Make the Global Top 10 List of Luxury Home Price Surge
Global real estate consultancy Knight Frank recently released its Prime Global Cities Index Q4 2024, which highlights the surge in luxury home prices. Two Indian cities, Delhi and Mumbai, have made it to the top 10 list. Read the details.
Luxury HomesReal EstateGlobally Top CitiesDelhiMumbaiReal Estate MumbaiFeb 11, 2025
This comprehensive index tracks the price changes of high-end residential properties across 44 major cities worldwide, based on local currency valuations.
Among the notable highlights, Seoul, South Korea, clinched the top spot with a remarkable 18.4 per cent increase in luxury home prices during the October-December 2024 quarter.
Manila, the capital of the Philippines, secured the second position with a 17.9 per cent increase, closely followed by Dubai, which saw a 16.9 per cent rise.
Tokyo, Japan, one of the world's most expensive real estate markets, recorded a 12.7 per cent growth.
Nairobi, the Kenyan city, witnessed an 8.3 per cent increase.
Interestingly, two Indian cities, Delhi and Mumbai, have made it to the top 10 list.
Delhi, the national capital, climbed to the sixth spot, with luxury home prices surging by 6.7 per cent in the fourth quarter of FY 2024.
This is a significant leap from its 16th position in the same period of 2023.
According to the report, New Delhi's impressive 6.7 per cent price growth over the past 12 months is primarily driven by affluent homebuyers seeking a lifestyle upgrade, backed by a robust economic environment.
Mumbai, the financial capital of India, has taken the seventh spot on the list.
Prime residential property prices in Mumbai increased by 6.1 per cent year-on-year in Q4 2024.
Bangalore, the IT hub, has also shown a notable improvement, moving from the 27th place in Q4 2023 to the 13th place in Q4 2024, with luxury home prices growing by 4.1 per cent over the year.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented, '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.'
In recent times, luxury homes in Mumbai have been resold at significantly higher prices.
For instance, filmmaker Subhash Ghai made a profit of Rs 4 crore by selling his luxurious property in Andheri for Rs 12.85 crore, which he had purchased in 2016 for Rs 8.72 crore.
Similarly, veteran actor Amitabh Bachchan made a huge profit of 168 per cent by selling his Oshiwara apartment for Rs 83 crore, which he bought in April 2021 for Rs 31 crore.
Other notable sales include Akshay Kumar, who sold his Borivali apartment for Rs 4.25 crore, having purchased it for Rs 2.38 crore in 2017.
Sonakshi Sinha also earned a 61 per cent profit by selling her Bandra apartment for Rs 22.50 crore, which she bought for Rs 14 crore in 2020.
Despite the rise in luxury home prices, sales have not slowed down.
In Delhi, high-end projects like DLF Camellias and The Dahlias continue to attract significant interest, with properties worth crores being sold.
The yet-to-be-launched DLF Dahlias, touted as India’s most expensive residential project, has already sold 173 ultra-luxury homes for Rs 11,816 crore.
Two penthouses from the project were sold for Rs 150 crore each.
These trends highlight the strong demand for luxury homes in major Indian cities, driven by affluent buyers and a positive economic outlook.
Frequently Asked Questions
Which global real estate consultancy released the Prime Global Cities Index Q4 2024 report?
Knight Frank, a global real estate consultancy and estate agency, released the Prime Global Cities Index Q4 2024 report.
Which Indian cities made it to the top 10 list of luxury home price surge?
Delhi and Mumbai made it to the top 10 list of luxury home price surge, according to the report.
What was the percentage increase in luxury home prices in Delhi and Mumbai in Q4 2024?
Delhi recorded a 6.7 per cent increase, while Mumbai saw a 6.1 per cent increase in luxury home prices in Q4 2024.
What factors are driving the surge in luxury home prices in Indian cities?
The surge in luxury home prices is primarily driven by affluent homebuyers seeking lifestyle upgrades, a robust economic environment, and positive market sentiment.
Can you provide an example of a notable luxury home resale in Mumbai?
Veteran actor Amitabh Bachchan made a huge profit of 168 per cent by selling his Oshiwara apartment for Rs 83 crore, which he bought in April 2021 for Rs 31 crore.
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