Do you remember the famous song from the Farooque Shaikh-Deepti Naval starrer Sath-Sath. The 1982 Hindi classic had a famous song “Yeh Tera Ghar, Yeh Mera Ghar, Yeh Ghar Bahot Hasin Hai?” Cut to Mumbai 2018. The maximum city has just featured in the world’s most expensive residential market and claimed the 16th spot. Eventually, it also means that to buy a residential place of 100 sq. m you will have to spend around Rs 7 crore.
Mumbai, the financial capital of the country, is the 16th most expensive prime residential market in the world, a Knight Frank report said on Wednesday.
The Maharashtra capital is the only Indian city to feature in the global top 20 list of expensive prime residential markets recorded in The Wealth Report 2019.
"In Mumbai, $1 million can now buy approximately 100 square meter translating to $930 per square feet," said the report.
To simply put it, Rs 7 crore will buy you 100 sq. m of residential plot in Mumbai. That means roughly Rs 65,000 per square meter.
According to the survey, $1 million can buy 201 sq m of residential property in Delhi, and 334 sq m of property in Bengaluru.
However, in terms of the growth in prices of prime residential properties globally, Mumbai ranked 67th with just 0.3 per cent rise in prices in 2018.
Delhi (55th) and Bengaluru (56th) fared better than Mumbai with a 1.4 per cent and 1.1 per cent price appreciation, respectively, according to the Knight Frank Prime International Residential Index.
Knight Frank India Chairman Shishir Baijal said: "Mumbai, while being India's most expensive price real estate market, still stacks well against many other markets. Mumbai will buy 10 times the space as in Monaco, and over three times more space over London and New York."
"Prices have corrected marginally over the last one year enabling comparably higher space in the city," he added.
The Philippines' capital Manila topped the global list with the highest price appreciation of 11.1 per cent last year, followed by Edinburgh (Scotland) in second position with 10.6 per cent rise.
The German cities of Berlin and Munich took the third and fourth positions, respectively, followed by the Argentine capital Buenos Aires in fifth rank.
Commenting on the report, Knight Frank Asia-Pacific Head of Research Nicholas Halt said: "While Manila's 11 per cent growth is far from the norm for the city, it confirms the theory that outliers are disappearing, and we are moving to a period of slower price growth."
"Within Asia-Pacific, a slowdown from a 4.9 per cent average growth rate in 2017 to 2.7 per cent in 2018 illustrates this trend."
Singapore was the only Asian city after Manila to feature in the top-ten list, with a price appreciation of 9.1 per cent.