Mumbai ranks 4th globally in terms of price rise of luxury homes

Mumbai ranks fourth out of 46 cities globally in terms of price increases for luxury residential properties, according to Knight Frank.

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The ‘Prime Global Cities Index Q3 2023’ was released by real estate consultant Knight Frank India on Wednesday. The report stated that during the July-September period, the average annual prices of prime residential or luxury homes increased in Mumbai, Bengaluru, and New Delhi.

As per Knight Frank, “Mumbai recorded the 4th highest year-on-year growth in prime residential prices in Q3 2023. The 6.5% increase in prime residential prices has moved the city up by 18 places from 22nd rank in Q3 2022.”

Bengaluru and New Delhi both saw increases in their index rankings. NCR ranked 10th in the third quarter (July-September) of 2023, with a growth of 4.1% year-on-year from the 36th rank in the year-ago period.

Bengaluru’s rank rose to 17th rank in the quarter under review against 27th rank in the third quarter of 2022, a year-on-year growth of 2.2%.

According to Shishir Baijal, Chairperson and MD, Knight Frank India, “the robust price trend in the upper end of the market coupled with strong sales momentum has elevated Mumbai’s position in this global ranking scale. The home buyer’s increasing need to upgrade their lifestyle, coupled with the stable economic prospects of the country and improving market sentiments should sustain price growth in the short to medium term.”