Mumbai prime home prices rise 6.2% in Q2 2026, ranks 8th globally: Knight Frank
Mumbai’s prime residential market continued to outperform global peers in Q2 2026, with prices rising 6.2% year-on-year, according to Knight Frank’s Prime Global Cities Index. The city ranked eighth globally, while Bengaluru and New Delhi also featured among the world’s top 20 markets with annual price growth of 4.5% and 3.9%, respectively.
- Sep 25, 2026,
- Updated Sep 25, 2026 8:55 PM IST
Prime residential prices in Mumbai increased 6.2% year-on-year in Q2 2026, more than twice the 2.6% growth recorded across the 46 cities tracked by Knight Frank. Prices in the city also rose 1.7% quarter-on-quarter, pointing to continued momentum in the top-end housing segment.
Shishir Baijal, International Partner, Chairman and Managing Director, Knight Frank India, said Mumbai’s position among the top 10 global prime residential markets was significant given the more measured pace of global price growth.
“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.
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Bengaluru, Delhi also among top 20
Mumbai was not the only Indian market to record gains. Bengaluru ranked 12th globally, with prime residential prices increasing 4.5% annually, while New Delhi ranked 17th with a 3.9% rise. This placed all three Indian cities among the top 20 markets globally in the index.
Tokyo topped the ranking with a 50.7% annual increase in prime residential prices, followed by Manila at 14.6%. Dubai and Singapore recorded gains of 10.9% and 9.5%, respectively, while Seoul ranked seventh with a 6.4% increase.
Mumbai and other global prime residential markets
| City | Global rank | Annual price growth in Q2 2026 |
|---|---|---|
| Tokyo | 1 | 50.7% |
| Manila | 2 | 14.6% |
| Dubai | 3 | 10.9% |
| Singapore | 4 | 9.5% |
| Nairobi | 5 | 8.5% |
| Christchurch | 6 | 6.9% |
| Seoul | 7 | 6.4% |
| Mumbai | 8 | 6.2% |
| Vienna | 9 | 5.9% |
| San Francisco | 10 | 5.0% |
| Bengaluru | 12 | 4.5% |
| New Delhi | 17 | 3.9% |
| London | — | -3.6% |
| Beijing | 46 | -8.4% |
Source: Knight Frank Prime Global Cities Index, Q2 2026.
Global luxury housing market shows improvement
Knight Frank said global prime residential prices rose 2.6% in the 12 months to Q2 2026, compared with 2% in the previous quarter. Of the 46 cities tracked, 32 recorded annual price growth, while 15 saw declines. On a quarterly basis, 28 markets recorded price increases, 17 declined and two remained unchanged.
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However, performance remained uneven across markets. Beijing recorded the sharpest annual decline at 8.4%, followed by Toronto at 7.3% and Wellington at 5.4%. London’s prime residential prices fell 3.6% over the year.
Liam Bailey, Knight Frank’s Global Head of Research, said the latest results indicated a modest improvement in global luxury housing conditions, while local supply, currency movements, wealth creation and interest rates would continue to shape individual markets.
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Prime residential prices in Mumbai increased 6.2% year-on-year in Q2 2026, more than twice the 2.6% growth recorded across the 46 cities tracked by Knight Frank. Prices in the city also rose 1.7% quarter-on-quarter, pointing to continued momentum in the top-end housing segment.
Shishir Baijal, International Partner, Chairman and Managing Director, Knight Frank India, said Mumbai’s position among the top 10 global prime residential markets was significant given the more measured pace of global price growth.
“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.
MUST READ: Mumbai breaks into the world's Top 15 data centre markets: Can it enter the Top 10?
Bengaluru, Delhi also among top 20
Mumbai was not the only Indian market to record gains. Bengaluru ranked 12th globally, with prime residential prices increasing 4.5% annually, while New Delhi ranked 17th with a 3.9% rise. This placed all three Indian cities among the top 20 markets globally in the index.
Tokyo topped the ranking with a 50.7% annual increase in prime residential prices, followed by Manila at 14.6%. Dubai and Singapore recorded gains of 10.9% and 9.5%, respectively, while Seoul ranked seventh with a 6.4% increase.
Mumbai and other global prime residential markets
| City | Global rank | Annual price growth in Q2 2026 |
|---|---|---|
| Tokyo | 1 | 50.7% |
| Manila | 2 | 14.6% |
| Dubai | 3 | 10.9% |
| Singapore | 4 | 9.5% |
| Nairobi | 5 | 8.5% |
| Christchurch | 6 | 6.9% |
| Seoul | 7 | 6.4% |
| Mumbai | 8 | 6.2% |
| Vienna | 9 | 5.9% |
| San Francisco | 10 | 5.0% |
| Bengaluru | 12 | 4.5% |
| New Delhi | 17 | 3.9% |
| London | — | -3.6% |
| Beijing | 46 | -8.4% |
Source: Knight Frank Prime Global Cities Index, Q2 2026.
Global luxury housing market shows improvement
Knight Frank said global prime residential prices rose 2.6% in the 12 months to Q2 2026, compared with 2% in the previous quarter. Of the 46 cities tracked, 32 recorded annual price growth, while 15 saw declines. On a quarterly basis, 28 markets recorded price increases, 17 declined and two remained unchanged.
ALSO READ: Faridabad vs Gurugram: Can affordability make it NCR’s next big housing market?
However, performance remained uneven across markets. Beijing recorded the sharpest annual decline at 8.4%, followed by Toronto at 7.3% and Wellington at 5.4%. London’s prime residential prices fell 3.6% over the year.
Liam Bailey, Knight Frank’s Global Head of Research, said the latest results indicated a modest improvement in global luxury housing conditions, while local supply, currency movements, wealth creation and interest rates would continue to shape individual markets.
DO READ: Property vs mutual funds: Where should your first ₹50 lakh of wealth go?