According to a global survey, Mumbai, the city of Maharashtra, is the 18th-most expensive prime residential market worldwide.
Details about Mumbai becomes the 18th Most Expensive Prime Residential Market In The World with Monaco Tops The List
According to the Knight Frank Wealth Report 2023, Monaco continues to be the most expensive city in the world, where $1 million will buy you 17 square metres of space. Hong Kong (21 square metres) and New York (33 square metres) came in second and third place, respectively, in 2022.
“Mumbai currently has 113 square metres of top-notch residential real estate available, making it 13% more affordable (in terms of dollars) than it was in 2018. Mumbai is the 18th most expensive market in the world for luxury homes “the study asserts.
Prime residential real estate in Bangalore and Delhi may be purchased for 226 square metres and 385 square metres, respectively, with increases of 12.43% and 71.87 percent since 2018.
Mumbai’s ranking on a global list of changes in the prices of luxury residences has also increased, to 37th from 92nd, as the city saw an increase of 6.4% over the year 2022.
Mumbai’s premier real estate market has seen a 6.4% global price increase, moving the city up to position 37 on the PIRI 100 in 2022 from position 92 in 2021, according to the consultancy.
In 2023, the value of prime houses in Mumbai is predicted to increase by 3%.
Bangalore saw a 3% increase in the price of prime real estate, which helped the city move up the rankings from 91st to 63rd in 2022.
According to the consultant, “Delhi’s premier property market saw value increase by 1.2%, moving up the position to 77th from 93rd in 2021.
The residential markets in India have experienced rising demand over the past several quarters, which has caused prices to increase. We also note that the prime residential market in India has seen a rise in sales momentum of high-end properties,” Knight Frank India CMD Shishir Baijal said.
Mumbai ranked second amongst APAC markets, after Tokyo, with a 6.4 per cent YoY rise in values even as other markets in the region saw declining values.
“India is also one of the few large economies that has continued its growth momentum since the start of the post-pandemic recovery while many other locations face fresh economic challenges,” Baijal said.
In the report, the consultant has analysed prime property price performances in 100 cities, and sun and ski locations globally.