How much square feet of property you could buy with $1 million in different cities is a key indicator that can tell how expensive the city’s real estate is. According to Knight Frank’s The Wealth Report 2023. Monaco continues its reign as the world’s most expensive city where US$ 1 million can get you 17 square metres of space, followed by Hong Kong (21 sq. mt.) and New York (33 sq. mt.) in 2022. In 2022, the strong currency rewarded the US dollar based buyer with two extra square metres for their money compared with a year ago. As of today, $1 million is equal to approximately Rs 8.25 crore (Rs 82 to a dollar)
Comparatively in Mumbai, one can purchase 113 sq. mt. of prime residential real estate, making the city affordable by 13% (in dollar terms) since 2018. Mumbai is the 18th most expensive prime residential market in the world. In Delhi, one can purchase space of 226 sq. mt and 385 sq. mt. in Bengaluru of prime residential real estate with an increase of 12.43% and 71.87% respectively since 2018.
Also Read: Dubai maintains its top position as prime residential prices gain the most
If the price per square feet (psf) falls, the buyer is able to buy more real estate than what it was possible at higher prices. Prime locations and luxury markets are quoted at higher psf making them expensive piece of real estate.
According to the report, the value of Prime International Residential Index (PIRI 100) that tracks the movement in luxury house prices across the world increased by 5.2% YoY in 2022. The prime residential prices in Dubai accelerated 44.2% in 2022, maintaining its position at the top of Knight Frank’s PIRI 100 and cementing its status as a global hub for ultra-high-net-worth individuals (UHNWIs), assisted by numerous visa incentives.