The Knight Frank Prime Global Cities Index for Q4 2023 has revealed interesting trends in the luxury residential market in Mumbai. The index shows a notable increase in the average yearly price of luxury residences in several Indian cities.
Mumbai has achieved the third rank, after Manila and Dubai, in the esteemed Prime Global Cities Index for the fourth quarter of 2023. Mumbai has made a significant leap in the rankings, moving up five spots to secure the third position. This is a considerable improvement from its eighth position in Q4 2022. The city recorded a 10% year-over-year (YoY) gain in prime residential prices in Q4 2023.
The Prime Global Cities Index Q4 2023 was released on March 20. The index monitors the trend of prime home prices across 45 cities globally. Mumbai’s impressive increase demonstrates both the city's enduring attraction to high-net-worth people and the strength of its luxury housing market.
Delhi-NCR also witnessed a positive trend, with a 4.2% YoY increase in luxury home prices. This growth propelled the city from 28th place in Q4 2022 to 16th place in Q4 2023. Despite a 2.2% YoY increase in home costs, Bengaluru saw a drop in rankings, sliding from 20th in Q4 2022 to 27th in Q4 2023.
Globally, Manila topped the Knight Frank’s Index of Q4 2023 with an annual price increase of 26.3%. Dubai followed in second place with a 15.1% YoY growth. Mumbai secured the third spot after the two.
Reports suggest that the significant increase in prime pricing is a direct result of the spike in demand for this residential market in India's markets. There are many factors that have impacted sales volumes. They are down throughout the globe by 10% to 20%. As rates increased in 2022, prices did initially decline, but as supply became more scarce, prices gradually increased, as seen in various reports.
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