Mumbai, the financial capital of India, has been experiencing a significant surge in real estate prices, making it one of the most expensive cities in the country. Over the past decade, real estate prices in Mumbai have skyrocketed. According to a recent report by Knight Frank, if you invest one million dollars (approximately Rs 8.7 crores) in Monaco, the world’s most expensive city, you would only be able to buy a 200-square-foot house. In contrast, with the same amount in Mumbai, you could purchase a 1065-square-foot flat.
The report also reveals that in the world’s second-most expensive city, Hong Kong, one million dollars would buy only 236 square feet, while in Singapore, you would get a flat of 344 square feet. It is noteworthy that Mumbai has reached such high ranks in comparison to these expensive cities. In Mumbai, one million dollars can fetch a 99-square-meter (1065-square-foot) prime residential property, which has decreased by 3% over the last decade.
With the same amount, in Delhi, you could buy 208 square meters (2,238 square feet), and in Bengaluru, you could buy 370 square meters (3,982 square feet). The global prime markets are expected to grow by an average of 3.6% in 2024, with Indian cities competing in the luxury real estate market. Mumbai registered a 3.6% growth in the Prime International Residential Index, placing it among the top luxury markets worldwide. Out of the 100 luxury markets, 80 markets showed positive growth.
In the rankings, Seoul topped with an 18.4% increase, followed by Manila at 17.9%. Dubai (16.9%), Riyadh (16%), and Tokyo (12.1%) also ranked high. Among Indian cities, Delhi ranked 18th with a 6.7% growth, while Mumbai stood at 21st, and Bengaluru at 40th.
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