Mumbai, the country’s commercial capital, has emerged as the 16th most expensive prime residential property market in the world. In terms of price rise, Indian luxury home markets remained low on growth chart with Delhi gaining 1.4%, Bangalore 1.1% and Mumbai 0.3%, showed Knight Frank’s Prime International Residential Index.
Known for its upscale casinos, yacht-lined harbour and prestigious Grand Prix motor race, Monaco emerged as the most expensive of all prime markets globally. One can buy only 172 sq ft with the budget of $1 million.
“While Manila’s 11% growth is far from the norm for the city, it confirms the theory that outliers are disappearing, and we are moving to a period of slower price growth. Within Asia-Pacific, a slowdown from a 4.9% average growth rate in 2017 to 2.7% in 2018 illustrates this trend,” said Nicholas Holt, Head of Research, Knight Frank Asia Pacific.
In terms of the cost of prime residential real estate, Hong Kong is the second-most expensive market in the world. Every $1 million spent buys only 237 sq ft luxury property in the territory, while Singapore with 388 sq ft is the fifth most costly place to buy prime residential property.
Mumbai has shown a downward movement in capital values for its prime residential markets. In Mumbai, $1 million can now buy around 1,076 sq ft translating to around $930 per square feet. In Delhi the same amount can buy 2,163 sq ft. Bangalore is the most affordable of the three Indian destinations with a potential of buying 3,595 sq ft.