Delhi ranks 18th, Mumbai 21st, Bengaluru 40th globally in luxury housing price rise: Knight Frank

New Delhi: Delhi has moved up to 18th position among 100 cities globally in terms of annual price appreciation in the luxury housing segment during the last year, according to Knight Frank.

Global property consultant Knight Frank's 'The Wealth Report 2025' showed that the value of Prime International Residential Index (PIRI 100) has increased by 3.6 per cent in 2024. Of the 100 luxury residential markets tracked, 80 recorded positive or same annual price growth.

Amongst Indian cities, Delhi is ranked 18th, a significant jump driven by a 6.7 per cent year-on-year (YoY) growth in luxury residential prices. Mumbai follows at 21st, while Bengaluru ranks 40th.

"Delhi moved up from 37th place in 2023 to 18th in 2024, while Bengaluru rose from 59th to 40th. Mumbai has dropped to 21st position, losing thirteen spots from 2023," Knight Frank said.

Seoul with 18.4 per cent YoY rise, leads the rankings, while Manila with 17.9 per cent (frontrunner in 2023) slipped to the second spot.

Dubai (16.9 per cent), Riyadh (16 per cent) and Tokyo (12.1 per cent) complete the top five.

"Delhi and Bengaluru have demonstrated remarkable growth in the global luxury residential market, each surging by 19 ranks to secure the 18th and 40th positions, respectively, in Knight Frank's PIRI 100 for 2024," Shishir Baijal, Chairman & Managing Director at Knight Frank India, said.

This upward movement underscores the growing appeal of these cities in the high-end real estate segment, supported by infrastructure expansion, economic growth, and increased demand for luxury properties, he said.