Mumbai ranks 3rd on Knight Frank’s Prime Global Cities Index Q4 2023, after Manila and Dubai

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.