Mumbai (Maharashtra) [India], September 25 (ANI): Luxury residential property prices in Mumbai rose 6.2 per cent year-on-year in the second quarter of 2026, more than twice the global average of 2.6 per cent, placing the city eighth among 46 global markets, according to a report by real estate consultancy Knight Frank India.

The Knight Frank Prime Global Cities Index Q2 2026 showed that Mumbai's luxury housing market continued to record higher price growth than the global average, with prices also rising 1.7 per cent on a quarter-on-quarter basis.

The report placed all three Indian cities covered by the index among the world's top 20 markets for luxury residential price growth.

Bengaluru ranked 12th globally, with luxury residential prices rising 4.5 per cent year-on-year, while New Delhi secured the 17th position with an annual increase of 3.9 per cent.

Commenting on Mumbai's performance, Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, 'Mumbai's position among the top 10 global prime residential market is significant because it comes against a more measured pace of global price growth.'

He added, '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.'

Globally, prime residential prices increased by 2.6 per cent in the 12 months to Q2 2026, compared with 2 per cent in the previous quarter, indicating an acceleration in annual price growth across the markets tracked by the index.

Tokyo topped the global ranking with a sharp 50.7 per cent annual increase in luxury residential prices, followed by Manila at 14.6 per cent.

Dubai secured the third position with a 10.9 per cent increase, while Singapore ranked fourth with 9.5 per cent growth.

Other Asian markets also featured among the top performers, with Seoul ranking seventh globally after recording annual price growth of 6.4 per cent.

However, several major global cities recorded a decline in luxury residential property prices during the period.

Beijing registered the steepest annual decline of 8.4 per cent, followed by Toronto at 7.3 per cent and Wellington at 5.4 per cent. London's prime residential prices fell 3.6 per cent over the year.

Liam Bailey, Global Head of Research at Knight Frank, said, 'The latest results point to a modest improvement in global luxury housing market conditions. Annual growth has strengthened and more cities are now recording price rises, while quarterly gains have broadened beyond the markets that led the initial recovery.'

He added that local supply, currency movements, wealth creation and interest rates would continue to influence luxury residential property prices across individual cities. (ANI)