Mar 1, 2023
By: Rounak Jain
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In US dollar terms, India’s financial capital is the 18th most expensive residential market in the world.
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A million dollars (approx. ₹8.25 crore) will only get you a well-spaced double bedroom, house, kitchen (2BHK) flat (approx. 1,216 sq ft) in Mumbai’s prime residential areas.
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In India’s capital, a million dollars will fetch twice as much space as Mumbai at 226 square metres (approx. 2,435 sq ft)– which should be adequate for a well-spaced 3BHK, at the very least.
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A million dollars in Bengaluru will fetch you 385 square metres (approx. 4,144 sq ft) of space in the prime parts of the city, according to the report. So one can think of a duplex or even better – an individual home or a luxurious villa.
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Home owners in Mumbai have seen their property value appreciate 6.4 percent in 2022, making it the 37th best market in the world.
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Owners in Bengaluru and Delhi saw their property values appreciate by a meagre 3 percent and 1.2 percent respectively in 2022.
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Property prices in Dubai appreciated by a whopping 44.2 percent in 2022, far outpacing the inflation of 5.2 percent during the year.
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With a 5.2 percent appreciation in the value of properties in prime areas, 2022 was the second-best year since the 2008 global financial crisis.
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The world’s rich drove the appreciation of prime properties in 2022 in their hunt for safe havens for their capital.
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