Increase in prices of luxury units.. Mumbai achieves rare distinction

• Ranked No. 8 in the world
• Delhi gets the 37th rank, while Bangalore was ranked No. 59.

The commercial capital of India, Mumbai, has achieved another rare distinction. In a report released by Knight Frank titled “The Wealth of 2024,” Mumbai city ranked number 8 in terms of the increase in prices of luxury units across the globe. While NCR-Delhi was ranked No. 37, Bangalore had to contend with the 59th position.

As per the report, the value of the prime international residential index (PIRI 100) rose by 3.1 percent in 2023, leading to Mumbai securing the eighth position. In 2022, Mumbai was ranked No. 37. In the latest rankings, Manila ranked No. 1 with 26% of the PIRI, Dubai ranked No. 2 with 16%, and the Bahamas ranked No. 3 with 15%.

Delhi, which was ranked No. 77 in 2022 with a growth of 4.2% in the PRI, rose to 37th position. Similarly, Bengaluru, with an increase in PIRI of 2.2 percent, improved its ranking from 63 to 59.

• Economists predicted that the condition of the residential property market would be miserable in early 2023. It was predicted that unbridled inflation would lead to increasing loan servicing to the maximum level, unheard of during the past 15 years. But it did not happen. Worldwide, there is a congenial atmosphere in the property market, observes Knight Frank’s international residential research head, Kate Everett-Allen.

Monaco retained its ranking as the world’s costliest city. Here, $10 million will buy only 16 square metres of land. One will get 22 square metres in Hong Kong, 32 square metres in Singapore, and 103 square metres in Mumbai. In 2022, the same amount would have bought 113 square metres of the site. In Delhi, one can buy 217 square metres of site, and in Bengaluru, one can buy 377 square metres.