Mumbai's prime real estate sees $1 million decline

Mumbai's real estate market is expensive and has changed over the past decade. According to Knight Frank’s recent report, $1 million (about Rs 8.67 crore) can buy less property in the city now than it could ten years ago. In 2014, that amount could purchase 102 square meters of property. Now, in 2024, it buys only 99 square meters, which is a slight decrease. The report highlights how other cities, like Miami and London, have performed differently. Cities like Monaco, London, and New York saw increases in buying power over ten years. For example, in London, $1 million could buy 23 square meters in 2014 but 34 square meters in 2024. In contrast, cities such as Los Angeles and Shanghai experienced significant declines in buying power. Mumbai ranked 21st in annual changes in prime residential prices, with a 6.1% increase. Delhi saw a slightly higher increase at 6.7%, while Bengaluru had a lower increase of 4.1%.