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YUGEN REALTY, SURAT
New Delhi has emerged as a key player in the global luxury real estate market, securing the 6th position among 44 cities worldwide for the highest price appreciation of prime residential properties.
According to the latest Prime Global Cities Index Q4 2024 by real estate consultancy Knight Frank, the city recorded a 6.7% increase in luxury home prices in the December 2024 quarter, highlighting a strong demand for high-end residences.
The index, which tracks valuation-based price movements in luxury properties across major global cities, placed Seoul at the top with an 18.4% rise, followed by Manila (17.9%), Dubai (16.9%), Tokyo (12.7%), and Nairobi (8.3%).
The data also revealed that 34 out of 44 cities reported positive growth in luxury home prices over the past year, with the overall Prime Global Residential Index rising by 3.2% despite economic uncertainties.
Commenting on the surge, Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated, “New Delhi’s strong luxury housing market growth reflects a rising demand for premium residences across India. This trend is driven by an increasing preference for lifestyle upgrades, India’s stable economic outlook, and buoyant market sentiment. We expect this segment to continue its upward trajectory.”
New Delhi’s ascent in global rankings aligns with the broader expansion of India’s luxury real estate market. Mumbai ranked 7th with a 6.1% increase, while Bengaluru secured the 13th spot with a 4.1% rise, underscoring India’s growing influence in the high-end housing segment.
The surge in luxury home demand in India’s capital can be attributed to rising affluence, an increasing number of high-net-worth individuals (HNWIs), and New Delhi’s prominence as a business and political hub. The market also benefits from economic stability, fostering confidence among affluent buyers seeking spacious, sophisticated homes.
Globally, the luxury housing sector remains resilient despite inflationary pressures and economic challenges. Liam Bailey, Global Head of Research at Knight Frank, noted that “While inflation remains high in many developed economies, falling interest rates in 2025 are expected to unlock further price growth. As economic conditions evolve, luxury housing demand is expected to remain strong, with key markets like New Delhi continuing their upward trend.”
Top 10 Cities for Luxury Home Price Growth (Q4 2024)
- Seoul – 18.4% increase
- Manila – 17.9% increase
- Dubai – 16.9% increase
- Tokyo – 12.7% increase
- Nairobi – 8.3% increase
- New Delhi – 6.7% increase
- Mumbai – 6.1% increase
- Madrid – 5.5% increase
- Perth – 5.3% increase
- Lisbon – 5.3% increase
With India’s major cities securing top positions in the global rankings, the country’s luxury real estate market is poised for continued growth in the coming years.
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Disclaimer : This information has been collected through secondary research and Yugen Realty Newspaper is not responsible for any errors in the same.
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