Undoubtedly Mumbai’s real estate market is the costliest in the country. As per a report from Knight Frank- a property consultant says, it is more expensive to buy a lavish property in Mumbai than Dubai.
In Mumbai, 96 square meters of prime property can be bought at $1 million according to the report. In Dubai for the equal amount of money you can buy around 145 square meters of lavish property.
As per the report, to buy a prime real estate property in Mumbai for per square feet you will have to shell around Rs. 61,083, whereas in Dubai you can get it for Rs. 40,235. It is also found that Monaco is supposedly the costliest city in the world. For $1 million, only 17 sq meter of property can be purchased in the city. This is followed by Hong Kong 20sq m and London 21sq m.
It is found that Dubai, Sao Paulo and Cape Town are cheaper than Mumbai out of 20 cities mentioned in the report.
Studies have found how difficult it is to buy property in India’s financial capital. In the previous year a report by personal finance portal Arthyantra suggested that it will take a mid income professional (who draws a salary of Rs. 8 lakh) 13 years to gather enough money for paying the down payment for buying a property in Mumbai.
Mumbai is also the 26th most important city for ultra high net worth individuals (UHNWIs) and the city is predicted to see the fastest rise in UHNWIs in India, followed by Hyderabad and Delhi.
It also states in 2014 India was home to 1,652 ultra-high net worth individuals and this is likely to increase to 3,371 till the year 2024. This will be a jump of 104%.
UHNWI is defined by the Knight Frank report as someone with a net worth of over $30 million or Rs. 188.28 Cr. It defines prime property as the most expensive and the most desirable property in a specified location.
Courtesy :Real Estate News and Trends in India
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