Mumbai world's 16th most costly prime residential market: Report

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Mumbai, the financial capital of the country, is the 16th most expensive prime residential market
in the world, a Knight Frank report said.

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 sq. m translating to $930 per square
feet," said the report.

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. (AGENCIES)