Mumbai Ranks 18th Globally for Prime Residential Real Estate

Mumbai has been ranked as the 18th most expensive city globally for prime residential real estate, with USD 1 million buying 113 sqm or 1,200 sq ft.

In addition to this, Mumbai's upscale properties are predicted to increase by 3% in 2023.

According to the Knight Frank Wealth Report 2023, Monaco remains the most expensive city where USD 1 million buys 17 sqm (182 sq ft) of space, followed by Hong Kong and New York.

The Indian residential market has shown growth in demand resulting in an increase in valuations, as per Knight Frank India's chairman and MD, Shishir Baijal. Mumbai also ranked second among APAC markets with a 6.4% YoY increase in values. This moves up the city to 37th position on the PIRI 100 in 2022 as opposed to 92nd in 2021.

The increasing demand for prime residential real estate in India is driven by a growing middle class, low-interest rates, and a renewed focus on homeownership. According to Baijal, the pandemic has further accelerated this trend as more people are now looking for larger homes that cater to their work and lifestyle needs.

As the world recovers from the pandemic, the outlook for the Indian real estate market looks positive. However, there are still challenges that need to be addressed, such as affordable housing and the need for sustainable development.

Also Read: Mumbai: 9,582 houses sold in February; Record revenue from home sales