Mumbai Ranks at 37th Place Globally in Price Growth in Luxury Housing

Mumbai Ranks at 37th Place Globally in Price Growth in Luxury Housing: Mumbai rose to 37th place from 92nd place in a global list of movement in luxury home prices during the 2022 calendar year, with a 6.4 percent increase. 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.

February 2023 Current Affairs Quiz

Mumbai Ranks at 37th Place Globally in Price Growth in Luxury Housing- Key Points

• The report analyses prime property price performance in 100 cities, as well as sun and ski destinations around the world. Out of 100, 85 locations recorded positive or flat price growth in 2022.
• Mumbai’s prime property market has seen a 6.4 percent price increase globally, propelling the city to 37th position on the PIRI 100 in 2022, up from 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.
• The prime property market in Delhi increased by 1.2 percent, moving it up 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 to remain the most expensive city in the world, with USD 1 million buying you 17 square metres of space, followed by Hong Kong (21 square metres) and New York (33 square metres) 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.