Mumbai ranks 3rd after Manila and Dubai in the Knight Frank Prime Global Cities Index, seeing 10% YoY growth in luxury home rates.

Mumbai has surged to the third position in the Prime Global Cities Index for Q4 2023, signifying its robust luxury housing market. Knight Frank's latest report, released on March 20, reveals a substantial 10% year-on-year increase in prime residential prices, driven by affluent buyers seeking lifestyle upgrades amid a strong economic backdrop.

The index, tracking prime residential price movements across 45 global cities, witnessed Mumbai's impressive leap from 8th place in Q4 2022 to third place. Chairman and Managing Director at Knight Frank India, Mr. Shishir Baijal, attributes this growth to heightened nationwide demand, foreseeing further price elevation for luxury housing. Despite variations in performance among Indian cities, with Delhi NCR climbing and Bengaluru slipping in rankings, global market dynamics remain promising. Amidst challenges posed by rate tightening, Knight Frank remains optimistic, anticipating market rejuvenation with anticipated rate cuts in the latter half of 2024. With India's economy gaining momentum and luxury housing garnering increased attention, Mumbai's real estate sector is poised for further growth, appealing to domestic and international investors.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.