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Mumbai is world’s 16th most expensive prime residential property market: Frank Knight

Mumbai-India’s financial capital bagged 16th position in the list of world’s most expensive cities, says a report released by real estate consultant Knight Frank.

The world’s 16th most expensive city showed a marginal price rise in the luxury home market, while Delhi and Bengaluru gained 1.3% and 1.1% respectively, showed Knight Frank’s Prime International Residential Index.

As per the report, an individual with $1 million in hand can buy 1076 square foot of property in the residential prime location of Mumbai which is roughly $930 per sq ft. While in the same amount one can buy 2163 Sq Ft and 3,595 Sq Ft in Delhi and Mumbai respectively.

The costliest luxury property price was showed in Monaco, with just 172 Sq Ft of land in $1 million. London and New York both were ranked at same position with 334 Sq FT of luxury property in $1 million.

Another survey by Frank Knight on City Wealth Index, showed Mumbai at 47th spot in a overall list of 314 cities.The index took into consideration four major indicators such as wealth, investments, lifestyle and future in a particular city. In this list, Delhi, Bengaluru and Chennai were among the top 100.

“India is one of the major drivers of ultra high net worth individual (UHNWI) population growth in Asia, which is a bright spot in the global landscape,” Samantak Das, chief economist and national director (research) Knight Frank India.

India witnessed a jump of 54% in the number of individuals having a net worth of over 50 million from 2012 to 2017 and as per the trends its going to surge by 71% in the next five years. At the end of 2017, India had around 2,920 UHNWIs. The number is likely to touch 4,980 by 2022.

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