Mumbai, the financial capital of India, is the most expensive real estate market in 2022. The city on the coast of the Arabian Sea that attract millions of immigrants every year from across the country, houses some of the most expensive real estates. While, the country’s capital Delhi stands a distant second, as per a recent report by Knight Frank.
As per it, in 2022 average luxury real estate price in Mumbai stood at Rs 707,996 per square-meter or Rs 65,771 per square-feet. While in Delhi, the average rate of luxury properties was Rs 353,982 per sq.meter or Rs 32,886 per sq.ft. India’s IT capital Bangaluru came third with an average luxury real estate price of Rs 207,792 per sq.meter or Rs 19,304 per sq.ft.
Incidentally, Mumbai is the only Indian city that currently features among the top 20 most expensive luxury real estate markets. At 18th position Mumbai’s real estate is costlier than populous cities like Sao Paolo or geographically crucial locations like Cape Town. While cities like Monaco (Sovereign city-state), Hong Kong (China) and New York (USA) top the chart.
Interestingly, despite their high bases many of these markets have witnessed price increases in the last two years - amid the COVID pandemic. Mumbai, for instance, recorded a 6.4 per cent rise in average prices of luxury realty, while in Bengaluru the extent of rise was 3 per cent in 2022. While in Dubai (UAE) the price hikes have been staggering - at 44 per cent - followed by Aspen (Greece), Riyadh (Saudi Arabia) and Tokyo (Japan).
“Wealth preservation, safe-haven capital flight and supply constraints played their part in driving prime price growth, but it was the post-pandemic surge that continued to push prices higher. For the world’s wealthy, this increased their appetite to buy, with 17 per cent of ultra-high net worth individuals adding to their portfolios in 2022,” said Kate Everett-Allen, partner, residential research at Knight Frank.
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