NEW DELHI: A buyer with a budget of $1 million (or about Rs 8.7 crore as of March 2025) can purchase only 99 square metre of prime residential real estate in Mumbai, according to the latest wealth report by property consulting firm Knight Frank.
The consultant said that this marks a decadal decline of 2.6% as space has become dearer in India's 'Maximum City'.
Monaco, the sovereign city-state in Western Europe, continues its reign as the world's most expensive city where US$ 1 million can get you 19 square metres (square metre) of space, followed by Hong Kong (22 sq m) and Singapore (32 sq m) in 2024.
Knight Frank said that prime property prices in Delhi and Bengaluru have become less expensive over 10 years with US$ 1 million buying 11% more at 208 sq m and 9% more at 370 sq m, respectively, The consultant’s claim comes despite real estate prices shooting through the roof in recent years.
"In contrast, prime property price growth in Delhi and Bengaluru stood at 13% and 14% respectively, making them more affordable for global buyers. With the US dollar strengthening, the relative affordability of these cities has improved in USD terms, enabling buyers to acquire more space compared to 2014. As prime international markets saw an average price increase of 3.6% in 2024, Indian cities continue to establish themselves as competitive players in the global luxury real estate landscape," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
The consultant's flagship The Wealth Report 2025 revealed that the value of Prime International Residential Index (PIRI 100) has increased by 3.6% in 2024.
The cities that registered the highest YoY growths
Of the 100 luxury residential markets tracked, 80 recorded positive or same annual price growth.
South Korea's Seoul with an 18.4% YoY rise leads the rankings while Philippines' Manila with 17.9% (last year’s frontrunner) slipped to second spot. Dubai (16.9%), Riyadh (16%) and Tokyo (12.1%) complete the top five.
The improvement in the annual growth rate is driven by strong regional performances in the Middle East (7.2%), Latin America and the Caribbean (6.3%).
Amongst Indian cities, Delhi is ranked 18th, a significant jump driven by a 6.7% year-on-year (YoY) growth in luxury residential prices. Mumbai follows at 21st, while Bengaluru ranks 40th. Both Bengaluru and Delhi climbed ranks in YoY terms. Delhi moved up from 37th place in 2023 to 18th in 2024, while Bengaluru rose from 59th to 40th. Mumbai has dropped to 21st position, losing thirteen spots from last year.