Mumbai’s jumped to rank 37 from 92 in a global list of movement in prices of luxury homes as the city saw a gain of 6.4 percent during the 2022 calendar year. Property consultant Knight Frank virtually released ‘The Wealth Report 2023’ in which Mumbai has ranked 37th.
Knight Frank Report states that the value of the Prime International Residential Index (PIRI 100) which tracks the movement in luxury house prices across the world increased by 5.2 percent YoY (year-on-year) in 2022.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Mumbai Ranks at 37th Place Globally in Price Growth in Luxury Housing- Key Points
- Through the report, the consultant has analyzed prime property price performances in 100 cities, and sun and ski locations globally. Out of 100, 85 locations recorded positive or flat price growth in 2022.
- Mumbai’s prime property market has witnessed a price appreciation of 6.4 percent globally which moves up the city to 37th position on the PIRI 100 in 2022 as opposed to 92nd in 2021.
- Prime properties in Mumbai are expected to witness an appreciation of 3 percent in 2023.
- In Bengaluru, prime property prices rose 3 percent, helping the city improve its rank to 63rd in 2022 from 91st in 2021.
- Delhi’s prime property market saw an appreciation by 1.2 percent which moved up the ranking to 77th from 93rd in 2021.
- As per the report, the prime residential prices in Dubai rose 44.2 percent in 2022, maintaining its position at the top of Knight Frank’s PIRI 100 and cementing its status as a global hub for ultra-high-net-worth individuals (UHNWIs), assisted by numerous visa incentives.
- Aspen ranks 2nd with 27.6 percent growth in prices, followed by Riyadh (25 percent), Tokyo (22.8 percent), Miami (21.6 percent), Prague (16.3 percent), Algarve (15.3 percent), Bahamas (15 percent), Athens 13 percent and Porto (12.7 percent).
- Monaco continues its reign as the world’s most expensive city where USD 1 million can get you 17 square meters of space, followed by Hong Kong (21 square meters) and New York (33 square meters) in 2022.
- Mumbai ranked second amongst APAC markets, after Tokyo, with a 6.4 percent YoY rise in values even as other regional markets saw declining values.
Also Read: