- Mumbai ranks eighth globally with 6.2% annual rise in prime residential prices in Q2 2026
- Mumbai's quarterly prime home prices increased by 1.7%, surpassing the 2.6% global average growth
- Bengaluru and New Delhi ranked 12th and 17th with 4.5% and 3.9% annual price growth respectively
Mumbai has emerged as one of the world's top-performing luxury housing markets, with prime residential prices rising 6.2% year-on-year in the second quarter of 2026, according to Knight Frank's Prime Global Cities Index.
The rise placed Mumbai at eighth globally, well ahead of the 2.6% average annual growth recorded across the 46 cities tracked by the property consultancy. On a quarterly basis, prime home prices in Mumbai increased 1.7%.
Shishir Baijal, International Partner, Chairman and Managing Director, Knight Frank India, said Mumbai's entry into the global top 10 was notable amid a more measured pace of price growth worldwide.
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“The city's 6.2% annual growth reflects the depth of demand at the top end of the market, where location, quality, and differentiated residential offerings continue to support values,” Baijal said.
He added that prime residential assets in Mumbai remained closely linked to long-term wealth creation and limited supply.
Mumbai was joined by two other Indian cities in Knight Frank's global ranking. Bengaluru ranked 12th, with prime residential prices rising 4.5% annually, while New Delhi stood at 17th, recording 3.9% growth. This put all three Indian cities among the top 20 global markets for prime residential price growth in Q2 2026.
Tokyo led the ranking with a sharp 50.7% annual increase, followed by Manila at 14.6%. Dubai and Singapore recorded gains of 10.9% and 9.5%, respectively. Seoul ranked seventh with a 6.4% increase, marginally ahead of Mumbai.
Knight Frank said prime residential prices across the 46 cities rose 2.6% in the 12 months to Q2 2026, accelerating from 2% in the previous quarter.
Of the markets tracked, 32 recorded annual price growth, while 15 registered declines. On a quarterly basis, 28 cities saw prices rise, 17 recorded declines and two remained unchanged.
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Performance, however, remained uneven. Beijing recorded the steepest annual decline at 8.4%, followed by Toronto at 7.3% and Wellington at 5.4%. Prime residential prices in London fell 3.6% over the year.
Liam Bailey, Knight Frank's Global Head of Research, said the latest data pointed to a modest improvement in global luxury housing conditions. He noted that local supply, currency movements, wealth creation and interest rates would continue to influence individual markets.
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