Delhi ahead of global iconic cities, Prague and Madrid, in luxury housing price rise: Knight Frank report

Delhi ranked 18th among 100 global cities in annual price appreciation in the luxury housing segment, according to Knight Frank's latest report. The city recorded a 6.7% year-on-year (YoY) growth in high-end residential prices in 2024, improving from its 37th position in 2023. Delhi surpassed global cities such as Prague (23rd) and Madrid (26th).

India's performance in the global luxury market

The Wealth Report 2025 by Knight Frank highlighted that out of the 100 luxury residential markets tracked, 80 recorded positive or unchanged annual price growth. Among Indian cities, Mumbai ranked 21st, dropping 13 spots from last year, while Bengaluru rose from 59th to 40th place.

"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.

Global rankings and top-performing cities

Seoul led the rankings with an 18.4% YoY increase in luxury housing prices, followed by Manila at 17.9%. Dubai (16.9%), Riyadh (16%), and Tokyo (12.1%) rounded out the top five cities with the highest growth.

Growth drivers in Delhi and Bengaluru

"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," said Shishir Baijal, Chairman & Managing Director at Knight Frank India.

He attributed this rise to infrastructure development, economic expansion, and increased demand for luxury properties. The strong performance of these cities reflects their growing appeal in the high-end real estate market.

(Inputs from PTI)