The latest Wealth Report 2025 by Knight Frank reveals that luxury residential prices in Indian cities continue to evolve, with Delhi and Bengaluru showing remarkable growth in global rankings while Mumbai slips. The report’s Prime International Residential Index (PIRI 100) recorded a 3.6% increase in 2024 across 100 global luxury housing markets, with 80 cities experiencing positive or stable annual price growth.
Seoul led the rankings with an 18.4% year-on-year (YoY) surge, followed by Manila (17.9%) and Dubai (16.9%). Among Indian cities, Delhi witnessed a notable rise in luxury property prices, climbing from 37th place in 2023 to 18th in 2024 with a 6.7% YoY growth. Mumbai, however, fell 13 spots to 21st, despite a 6.1% price increase, while Bengaluru moved up from 59th to 40th with a 4.1% rise.
Shishir Baijal, Chairman & Managing Director, Knight Frank India, highlighted Delhi and Bengaluru’s upward momentum, attributing their growth to infrastructure expansion, economic development, and rising demand for luxury properties. He noted that while Mumbai’s ranking dipped, its prime property prices have grown by 30% over the past decade, aligning closely with the 27% depreciation of the Indian Rupee.
The report also examines real estate affordability, revealing how much space USD1 million can buy in major cities. Monaco remains the priciest, offering just 19 square meters, while Mumbai provides 99 sq m, a slight 2.6% decline over the decade. Delhi and Bengaluru, on the other hand, have become more affordable, with USD1 million now purchasing 208 sq m (+11%) and 370 sq m (+9%), respectively.
Liam Bailey, Global Head of Research at Knight Frank, noted that while falling interest rates are improving market sentiment, further reductions in 2025 will be crucial for sustaining growth. With Indian cities gaining prominence in the global luxury housing market, they continue to offer attractive opportunities for high-end real estate investments.
