Mumbai prime home prices are up 41% in five years, but 2026 growth is cooling

According to fresh market updates, Mumbai's prime residential prices have risen 41.3% during the past five years, even as the pace of expansion moderated in the second quarter of 2026, according to Knight Frank's latest Prime Global Cities Index.

Prime home prices in the city increased 6.2% year on year in Q2 2026, placing Mumbai eighth in the global ranking. Prices were 1.7% elevated than in the preceding quarter.

The latest reading marks a slowdown from the beginning of the year. Mumbai had recorded annual expansion of 8.2% in Q1 2026, when it ranked sixth globally, while prices had risen 2.5% during that quarter.

The moderation is additionally visible on a year-on-year comparison. In Q2 2025, Mumbai was sixth in the index with annual prime residential price expansion of 8.7%.

Despite the slower recent pace, Mumbai stays one of Knight Frank's strongest-performing prime residential markets over a longer period. Its 41.3% five-year gain was the sixth-highest among the markets highlighted by the consultancy for the five years to Q2 2026. Dubai led that measure with a 155.3% climb, followed by Tokyo at 141.7% and Manila at 88.8%.

Bengaluru, Delhi additionally in global top 20

Two other Indian cities featured among the 20 strongest markets for annual expansion.

Bengaluru ranked 12th, with prime residential prices rising 4.5% year on year and 1% quarter on quarter. That was slower than Q1, when Bengaluru posted annual expansion of 5.2% and a quarterly gain of 3%, ranking ninth.

The slowdown is more pronounced compared with a year earlier. Bengaluru had ranked fourth globally in Q2 2025 with annual expansion of 10.2%, according to Knight Frank's previous-year index.

Delhi ranked 17th in Q2 2026, with prime prices 3.9% elevated than a year earlier and unchanged from the previous quarter. It had ranked 14th in Q1, when annual expansion stood at 4%.

Knight Frank's Prime Global Cities Index is valuation-based and tracks changes in prime residential property prices in local currencies. It as a result measures the high-end segment rather than price movements across a city's entire housing stock.

Global luxury housing expansion picks up

Across Knight Frank's global basket, annual prime residential price expansion accelerated to 2.6% in Q2 from 2% in Q1, although it remained below the 3% recorded a year earlier. Thirty-two markets recorded annual price increases.

Tokyo topped the Q2 ranking with a 50.7% year-on-year gain, followed by Manila at 14.6%, Dubai at 10.9% and Singapore at 9.5%. Tokyo additionally recorded a 12.6% quarterly climb after prices had fallen 8.6% in Q1.

At the other end of the table, prime residential prices declined 8.4% in Beijing, 7.3% in Toronto and 5.4% in Wellington from a year earlier. London recorded an annual slide of 3.6%.

Knight Frank global head of research Liam Bailey stated the latest data pointed to a modest improvement in global luxury housing conditions, with annual expansion strengthening but performance continuing to vary considerably between cities.