Mumbai Is The 18th Most Expensive Prime Residential Market In The World, Monaco Tops The List

Maharashtra's capital Mumbai is the 18th most expensive prime residential market in the world, an international study has found.

According to the Knight Frank Wealth Report 2023, Monaco continues its reign as the world's most expensive city where $ 1 million can get you 17 square metres of space, followed by Hong Kong (21 square metres) and New York (33 square metres) in 2022.

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Prime real estate in Mumbai, Delhi and Bengaluru

"Comparatively in Mumbai, one can purchase 113 square metres of prime residential real estate, making the city affordable by 13 per cent (in dollar terms) since 2018. Mumbai is the 18th most expensive prime residential market in the world," the report said.

In Delhi, one can purchase space of 226 square metres and 385 square metres in Bengaluru of prime residential real estate, with an increase of 12.43 per cent and 71.87 per cent respectively since 2018.

Mumbai's prime property market saw growth

Mumbai's rank has also improved to 37th from 92nd in a global list of movement in prices of luxury homes as the city saw an appreciation of 6.4 per cent during the 2022 calendar year.

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"Globally, Mumbai's prime property market has witnessed a price appreciation of 6.4 per cent, which moves up the city to 37th position on the PIRI 100 in 2022 as opposed 92nd in 2021," the consultant said.

Prime properties in Mumbai are expected to witness an appreciation of 3 per cent in 2023.

In Bengaluru, prime property prices rose 3 per cent, helping the city improve its rank to 63rd in 2022 from 91st in 2021.

"Delhi's prime property market saw value appreciating by 1.2 per cent, which moved up the ranking to 77th from 93rd in 2021," the consultant said.

Indian residential market

"The Indian residential markets have shown growth in demand for the last many quarters leading to a rise in values. 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.

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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.

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