When it comes to luxury real estate in India Mumbai’s sea-facing apartments and Bengaluru’s tech-centric big houses often become a topic of discussion. However the latest trends show a surprising shift in it as New Delhi has emerged as the top runner in luxury home price appreciation surpassing even Mumbai.
Delhi’s Luxury Market Soars
According to Knight Frank’s Prime Global Cities Index Q4 2024 report New Delhi has climbed to sixth place globally recording a 6.7% surge in prime residential prices during the December quarter of 2024. This marks a significant jump from its 16th position in the December quarter of 2023.

The strong price growth in New Delhi’s luxury housing market is mainly because of wealthy home buyers seeking premium lifestyle upgrades and the city’s overall economic resilience.
Mumbai And Bengaluru Rank In List
Mumbai traditionally India’s most expensive real estate market was ranked seventh globally just behind New Delhi. It recorded a 6.1% year-on-year increase in luxury home prices during the same period. Meanwhile Bengaluru also made notable progress jumping from 27th place in Q4 2023 to 13th in Q4 2024 with an annual price increase of 4.1% in its prime housing segment.
India Among Top Performers
Globally Seoul led the rankings with an 18.4% surge in average luxury home prices during the October-December 2024 period. It was followed by Manila (17.9%) Dubai (16.9%) Tokyo (12.7%) and Nairobi (8.3%). New Delhi ranked sixth outperforming Mumbai and several other key global markets.

Luxury real estate markets worldwide have remained resilient despite concerns over high interest rates. Knight Frank’s index tracked 44 cities with 34 of them showing positive growth in prime residential prices. The global average increase in luxury home prices was 3.2% during the 12-month period ending December 2024.