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. 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. While Mumbai saw a decline in ranking, its prime property prices have risen by 30 per cent over the past decade, nearly in line with the INR depreciation of 27 per cent.
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. Both Bengaluru and Delhi climbed ranks in YoY terms. 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 last year.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, "Prime property price growth in Delhi and Bengaluru stood at 13 per cent and 14 per cent respectively, making them more affordable for global buyers. With the US dollar strengthening, the relative affordability of these cities has improved in USD terms, enabling buyers to acquire more space compared to 2014. As prime international markets saw an average price increase of 3.6 per cent in 2024, Indian cities continue to establish themselves as competitive players in the global luxury real estate landscape."
