Mumbai's luxury real estate prices continue to rise

Mumbai's luxury real estate market has continued to rise in price over the past decade. A new report from Knight Frank shows that the city is now the most expensive in India for luxury properties. It ranks 21st in the Prime International Residential Index, which measures annual price growth globally. In 2014, Rs 8 crore could buy 102 square meters of prime property in Mumbai. However, by 2024, that same amount of money can only secure 99 square meters. This small change reflects the larger trend of increasing property prices in the city. When compared to other global cities, Mumbai's situation is quite different. In London, $1 million could buy 23 square meters of property in 2014, but that has grown to 34 square meters by 2024. New York saw a slight rise too, moving from 33 square meters to 34 square meters. Meanwhile, other cities like Los Angeles and Shanghai experienced significant declines in buying power for luxury real estate. Mumbai's growth in prime residential prices was recorded at 6.1% in 2024. Delhi saw a 6.7% increase, ranking 18th, while Bengaluru ranked 40th with a 4.1% rise. Despite the high prices, Mumbai remains attractive to wealthy investors. The market is shaped by strong demand, limited supply, and an increase in global interest in luxury properties.