Mumbai’s real estate market continues to stand among the most expensive globally, with property prices steadily climbing despite economic fluctuations. In 2014, Rs 8 crore could purchase 102 sq m of prime real estate, but by 2024, that same amount secures only 99 sq m — a seemingly minor shift that reflects the persistent rise in property values, according to Knight Frank’s ‘The Wealth Report’. This subtle reduction highlights how Mumbai remains a highly competitive and sought-after market, driven by a combination of limited land availability, robust infrastructure development, and high demand from both domestic and international investors.
Comparatively, other global property hotspots have shown varied trends. Monaco, which holds its title as the world’s most expensive market, saw buying power slightly improve — Rs 8 crore could buy 18 sq m in 2014, increasing to 19 sq m by 2024. London experienced an even more notable rise, where $1 million bought 23 sq m in 2014 and expanded to 34 sq m in 2024, marking an impressive 43% increase in buying power. Meanwhile, New York saw a modest but positive shift, with the same amount fetching 33 sq m in 2014 and 34 sq m in 2024 — a 2% rise.
In contrast, cities like Los Angeles, Shanghai, Miami, Berlin, Dubai, and Lisbon witnessed significant drops in buying power, ranging between 42% and 59%, showcasing how various economic and geopolitical factors have reshaped the global luxury real estate landscape.
Mumbai’s performance stands out on Knight Frank’s ‘Prime International Residential Index’ (PIRI 100), securing the 21st spot for annual growth in prime residential prices, with a 6.1% increase in 2024. Delhi, in comparison, climbed slightly higher, ranking 18th with a 6.7% rise, while Bengaluru settled at 40th with a 4.1% increase — reflecting the continued appeal of India’s major cities among high-net-worth individuals.
Several factors fuel Mumbai’s sustained growth, including mega infrastructure projects like the Mumbai Coastal Road, the Mumbai Trans Harbour Link, and metro network expansions, which are set to improve connectivity and enhance property values further. Additionally, the rise in luxury housing projects, coupled with growing interest from non-resident Indians (NRIs) and global investors, keeps demand high.
The city’s commercial hubs, like Bandra-Kurla Complex (BKC) and Lower Parel, continue to attract top-tier businesses, creating a spillover effect that drives residential demand in nearby neighborhoods. Moreover, lifestyle-centric amenities, ultra-luxury skyscrapers, and the prestige of owning property in Mumbai’s prime locations — such as South Mumbai, Worli, and Juhu — keep prices soaring despite economic uncertainties.
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