If you are wondering in which city of India you can get the most prime property for $1 million (about Rs 8.7 crore), then the latest report of Knight Frank may surprise you. By spending this amount in Mumbai, you will get only 99 square metres or 1,065 sq feet of space, whereas in Delhi you can buy 208 square metres or 2,239 sq feet and in Bengaluru you can buy up to 370 square metres or 3,982 sq feet of area.
This figure clearly shows that in the last 10 years, real estate in Mumbai has become expensive, because the space available here for $1 million has decreased by 2.6%. At the same time, property has become more affordable in Delhi and Bengaluru, where 11% and 9% more space is available respectively compared to the last decade.
Where is the most expensive property in the world?
Knight Frank’s report shows that the most expensive real estate in the world is in Monaco, where only 19 square metres of space is available for $1 million. This is followed by Hong Kong (22 square metre) and Singapore (32 square metre). This means that competition in global luxury real estate is very high.
According to the Prime International Residential Index (PIRI 100), prime property prices worldwide increased by an average of 3.6% in 2024. Cities like Seoul and Manila showed the highest growth in this list. Indian cities are also becoming attractive to global buyers, as Indian property remains relatively cheap against the dollar.
Also read: Real estate confidence holds steady amid market adjustments: Report
According to Shishir Baijal, Chairman and Managing Director of Knight Frank India, “In contrast, prime property price growth in Delhi and Bengaluru stood at 13% and 14% respectively, making them more affordable for global buyers. With the strengthening of the US dollar, the relative affordability of these cities has improved in USD terms, enabling buyers to acquire more space compared to 2014. As prime international markets saw an average price increase of 3.6% in 2024, Indian cities continue to establish themselves as competitive players in the global luxury real estate landscape.”
Delhi gets a big boost, Mumbai lags
Delhi has made a tremendous jump in the latest ranking of PIRI 100. It was ranked 37th in 2023, but reached 18th position in 2024.
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