When it comes to real estate, Mumbai is a pricey location. In fact, what $1 million or Rs 8.67 crore could have bought you 10 years ago, has now only diminished.
According to Knight Frank’s ‘The Wealth Report’ Rs 8 crore in Mumbai could buy you 99 sq m (a little over 1,000 sq ft) of real estate in 2024. Ten years ago, in 2014, the same amount would have fetched you 102 sq m of real estate.
“The big takeaway? The impact of surging growth in markets like Miami, Dubai and Lisbon and the impact of price corrections and currency moves on London, Monaco and New York,” the report stated.
According to the data, only Monaco, London and New York saw a positive buying power change from 2014 to 2024. $1 million could have bought you 18 sq m in 2014, which increased to 19 sq m in 2024 in Monaco, while in London it could have fetched 23 sq m in 2014, which increased to 34 sq m in 2024, marking a change of 43 per cent. In New York, the same amount could have fetched 33 sq m in 2014, which has increased to 34 sq m in 2024, leading to a change of 2 per cent.
On the other hand, Los Angeles, Shanghai, Miami, Berlin, Dubai and Lisbon have witnessed a dip in buying power amounting to 46 per cent, 47 per cent, 54 per cent, 42 per cent, 59 per cent and 51 per cent, the report showed.
Moreover, Knight Frank’s ‘Prime International Residential Index’ data showed that Mumbai was in the 21st spot when it came to annual percentage change in prime residential prices. It saw a change of 6.1 per cent.
However, Delhi, on the 18th spot saw a change of 6.7 per cent. Bengaluru was at the 40th spot with 4.1 per cent change.