May 18, 2023
Mumbai ranked sixth among 46 cities globally on the list of Global Prime Cities Index 2023. Mumbai's ranking significantly rose from 38th in Q1 2022 to 6th in Q1 2023 because of its high-end properties.
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Three major cities in India; Mumbai, Bengaluru, and New Delhi, witnessed growth in average annual prices of prime residential properties during Q1 2023.
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Mumbai outperformed Bengaluru and Delhi on the list of global prime cities index with an increase in average annual prices.
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Bengaluru witnessed an upward movement in ranking to the 16th spot from its previous 37th rank in Q1 2022.
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Delhi saw an upward movement in the spot to the 22nd rank from its previous 39th rank in Q1 2022.
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Growth in average annual prices of prime residential properties during Q1 2023 pushed the ranking of three Indian major cities in Knight Frank India's 'Prime Global Cities Index Q1 2023'.
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Mumbai saw an average price increase of 5.5% year over year, Bengaluru saw a price increase of 3%, and New Delhi saw a price increase of 1.2%, all compared to Q1 2022.
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"The Indian economy stood out with steady performance despite concerns around global growth and inflation that marked most of 2022," Shishir Baijal, chairman and managing director at Knight Frank India said.
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Mumbai's sharp rise in the international index can be imputed primarily to the rise in demand in the city.
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This is based on Knight Frank's Prime Global Cities Index - Q1 2023. This report tracks the performance of luxury residential prices across key global cities on a quarterly basis.
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