Mumbai Costlier than Dubai For Buying Prime Property: Report

It is well known that Mumbai is the costliest real estate market in the country. Now, a report from property consultant Knight Frank says that it's costlier to buy a luxury property in Mumbai as compared to Dubai.

According to the Knight Frank Wealth Report, in Mumbai $1 million can buy 96 square meters of prime property while in Dubai the same amount of money can buy 145 square meters of luxury property.

To simplify, buying a prime residential property in Mumbai costs Rs 61,083/sq ft, while in Dubai Rs 40,235/sq ft, says the report.

The report places Monaco as the costliest city in the world and says that for $1 million, a person can buy only 17 sq meter of property in the city, in Hong Kong 20 and in London 21.

Only Sao Paulo, Dubai and Cape Town are cheaper than Mumbai out of 20 cities in Knight Frank ranking, when it comes to buying a prime property.

Source: Knight Frank

Earlier last year a report by personal finance portal Arthyantra had quantified how tough it is to buy a home in the country's financial capital, and said that it will take a mid-income professional (with a salary of Rs 8 lakh) 13 years to accumulate enough money for paying the down payment for buying a property in Mumbai. (Read: Living in Mumbai? See How Many Years It Would Take to Buy a Property)

Knight Frank report also pegs Mumbai as the 26th most important city for ultra-high-net worth individuals (UHNWIs) and says that the city is expected to see the fastest rise in UHNWIs in India followed by Delhi and Hyderabad.

It also says that India which in 2014 was home to 1,652 ultra-high net worth individuals is likely to swell to 3,371 by the year 2024, registering a jump of 104 per cent. (Read: Indian Ultra-Rich Population to Double by 2024, Says Report)

The Knight Frank report defines UHNWI as someone with a net worth of over $30 million or Rs 188.28 crore ($1 = Rs 62.76), while it defines prime property as the most desirable and most expensive property in a given location, generally defined as the top 5 per cent of each market by value.