Mumbai's luxury property market records 3rd highest price rise globally, after Manila & Tokyo

As per Knight Frank’s Prime Global Cities Index, in the last 12 months, Mumbai has witnessed an 11.5% rise in luxury real estate prices, reaching the third spot globally -- a jump from last year’s 6th position. At the top of the table is Manila with 26.2% year-on-year (YoY) growth, followed by Tokyo at 12.5%. In fourth place is Perth, at 11.1%.

Moreover, Delhi’s property prices soared by 10.5% in the last year, finding fifth spot on the property consultant‘s index. A significant jump from previous Index’s 17th rank. This highlights how India's key property markets—Mumbai and New Delhi have witnessed a surge in house prices, with annual GDP growth exceeding 8%.

Contrary to the financial and national capitals of India, Bengaluru witnessed a drop when compared with the previous report and landed at 17th spot with 4.8% annual growth.

“With annual Gross Domestic Product (GDP) growth running at over 8%, strong economic growth across India has boosted housing prices in the main cities, particularly in Delhi and Mumbai, as our results confirm,” Knight Frank said in a report released on June 13.