A recent report by property consulting firm Knight Frank reveals that with a budget of $1 million (approximately Rs 8.7 crore as of March 2025), buyers can acquire just 99 square meters of prime residential real estate in Mumbai. This marks a 2.6% decline over the past decade, indicating a rise in property prices in India’s commercial capital, often referred to as ‘Maximum City.’
For comparison, the report highlights that Monaco remains the world’s most expensive city, where $1 million only buys 19 square meters of property. Hong Kong and Singapore follow closely behind, with $1 million purchasing 22 square meters in Hong Kong and 32 square meters in Singapore.
While Mumbai’s prime property market has seen a slowdown, Knight Frank notes that other Indian cities such as Delhi and Bengaluru have become relatively more affordable. In the past decade, $1 million in Delhi can now buy 11% more space (208 square meters), while in Bengaluru, it purchases 9% more space (370 square meters).
Despite the sharp rise in property prices, Knight Frank’s The Wealth Report 2025 also highlights that India is establishing itself as a competitive player in the global luxury real estate market. The growth in prime international property prices averaged 3.6% in 2024, but Indian cities, particularly Delhi and Bengaluru, have seen price increases of 6.7% and 13–14%, respectively.
Among the global cities tracked, South Korea’s Seoul registered the highest year-on-year growth in luxury property prices, up 18.4%. Manila, previously the frontrunner, slipped to second place, followed by Dubai, Riyadh, and Tokyo.
As for Indian cities, Delhi saw a significant improvement in its rank, moving up from 37th place in 2023 to 18th in 2024. Bengaluru also climbed from 59th to 40th, while Mumbai, despite a notable drop in rank to 21st, remains a key player in the luxury real estate market.
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