Mumbai, Feb 10 (Bureau) Mumbai, New Delhi and Bengaluru, (Indian cities considered for the study) recorded an increase in their average annual prices of prime residential or luxury homes in Q4 2024. Knight Frank, a leading international property consultancy, in its recent report ‘Prime Global Cities Index Q4 2024’ noted New Delhi’s impressive 6.7 percent 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 Q3 2024. Mumbai prime residential prices also grew by a strong 6.1 pc 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 pc annual increase in prices. The rise in global prime residential price index was recorded at 3.2 pc across the 44 markets in the 12-month period ending December 2024. 34 out of 44 cities reported positive on the prime global residential index in this period.
“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,” chairman & MD at Knight Frank India Shishir Baijal said in a statement on Monday.