Mumbai, India's financial hub, has emerged as one of the world's premier luxury real estate markets, securing the 8th position globally, according to Knight Frank's The Wealth Report 2024. This significant ascent marks a remarkable jump from its 37th position merely a year ago in 2022. The surge is attributed to sustained demand for upscale properties, propelled by the consistent expansion of the economy and escalating property prices in the city.
In Mumbai, India's priciest real estate market, $1 million or Rs 8.24 crore can now get you 1108 sq feet of prime residential space. In Delhi, the same amount can buy 2335 sq ft, showing a 3.98 per cent decrease from 2022. Bengaluru recorded a 2.12 per cent reduction, with space dropping from 4144 sq ft in 2022 to 4057 sq ft in 2023.
Monaco retains its position as the world's most expensive real estate market, where Rs 8.24 crore can buy 172 sq ft of space. Hong Kong follows closely behind at 236 sq ft, with Singapore at 344 sq ft.
Vivek Rathi, National Director of Research at Knight Frank India, said, “Over the last three years where real estate volumes and prices continue to go up, the premium end of the sector remained on the growth trajectory in 2023. This eventually led to the decline in the million-dollar corpus ability to purchase prime property spaces. Even for 2024, we are expecting the growth to continue --- that means there will be lesser ability when it comes to a million-dollar corpus purchasing power,” as per Money Control.
According to the Wealth Report, 32% of India's ultra-rich individuals (those with a net worth of $30 million and above) invest their wealth in residential real estate. "Nearly 14% of their residential portfolio is allocated outside India. About 12% of India's UHNWIs plan to buy a new home in 2024. A similar percentage of wealthy individuals in India purchased a new home in 2023. Globally, 22% of the ultra-wealthy are expected to purchase a home in 2024. The report further highlighted that on average an Indian UHNWI owns 2.57 homes while a sizable 3% rented out their second homes during 2023," the report said.
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