Mumbai has soared to the third position in the global prime residential price index, recording a remarkable 10% year-on-year growth in the fourth quarter of the financial year 2022-23, according to Knight Frank’s Prime Global Cities Index Q4 2023. This significant rise propelled the city from its 8th position in Q4 2022.

Manila claimed the top spot with a 26.3% annual price rise, while Dubai secured the second position with a 15.1% year-on-year growth. Mumbai's soaring prices are attributed to affluent homebuyers seeking lifestyle upgrades amidst a robust economic environment. New Delhi and Bangalore also witnessed an increase in prime residential prices. With a 3.7% global rise in the prime residential price index across 45 markets, Knight Frank predicts continued elevation in price levels, reflecting strong demand and positive market sentiment.