Mumbai ranked eighth globally in Knight Frank’s Prime Global Cities Index in the second quarter of 2026 (Q2 2026), with prime residential prices rising 6.2 per cent year-on-year (YoY), more than twice the 2.6 per cent average annual growth recorded in the 46-city index.

Prime residential prices in Mumbai rose 1.7 per cent quarter-on-quarter (QoQ) in Q2 2026. Among other Indian cities, Bengaluru ranked 12th globally, with annual price growth of 4.5 per cent, while New Delhi ranked 17th, with growth of 3.9 per cent. All three Indian cities featured among the top 20 markets globally.

“Mumbai’s position among the top 10 global prime residential markets is significant because it comes against a more measured pace of global price growth. The city’s 6.2 per cent 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. For investors and buyers, this reinforces Mumbai’s position as a market where prime residential assets remain closely linked to long-term wealth creation and limited supply,” said Shishir Baijal, international partner, chairman and managing director, Knight Frank India.

Global prime residential prices grew 2.6 per cent in the year to Q2 2026, compared with 2 per cent annual growth in the year to Q1 2026. Of the 46 cities tracked, 32 recorded annual price growth, while 15 saw declines.

On a quarterly basis, 28 markets recorded price growth, 17 declined, and two were unchanged.

Tokyo led the global ranking, with prime residential prices rising 50.7 per cent annually and 12.6 per cent quarterly. Manila followed with annual growth of 14.6 per cent, while Dubai and Singapore ranked third and fourth, with gains of 10.9 per cent and 9.5 per cent, respectively.

Asian markets continued to dominate the upper end of the ranking, with Seoul also featuring in the top 10 at 6.4 per cent annual growth.

Beyond Asia, Vienna recorded annual growth of 5.9 per cent, while Stockholm rose 2.6 per cent. At the other end of the index, Beijing recorded the sharpest decline at 8.4 per cent, followed by Toronto at 7.3 per cent and Wellington at 5.4 per cent. London’s prime residential prices declined 3.6 per cent over the year.

“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. Even so, performance remains highly differentiated. Local supply, currency movements, wealth creation and the path of interest rates will continue to shape outcomes at city level,” said Liam Bailey, Knight Frank’s global head of research.