The report tracked luxury residential markets across 46 cities. Mumbai recorded a 6.2% year-on-year increase in luxury property prices, more than double the global average growth of 2.6%.
Mumbai was not the only Indian city to feature prominently in the rankings. Bengaluru ranked 12th globally, with luxury home prices rising 4.5% annually. New Delhi stood at 17th, recording a 3.9% increase.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said Mumbai’s presence in the top 10 reflects strong demand from high-net-worth buyers, prime locations and premium residential developments.
According to the report, luxury home prices increased annually in 32 of the cities covered, while 15 cities recorded a decline.
Tokyo topped the global list with a massive 50.7% annual increase in luxury home prices. Prices there also rose 12.6% compared with the previous quarter.
Manila ranked second with a 14.6% annual increase. Dubai and Singapore followed in third and fourth positions, with luxury property prices rising 10.9% and 9.5%, respectively. Seoul also entered the top 10 with a 6.4% annual increase.
Several major cities, however, recorded declines in luxury property prices. Beijing saw the biggest fall at 8.4%, followed by Toronto at 7.3% and Wellington at 5.4%. London also recorded a 3.6% decline.
For Mumbai, the 6.2% annual growth places the city’s luxury housing market ahead of several major international markets in Knight Frank’s second-quarter 2026 assessment.
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