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Where does Mumbai rank globally in price growth of luxury housing?
A)
23rd Place
B)
29th Place
C)
37th Place
D)
42nd Place

Correct Answer :   37th Place


India's financial capital Mumbai has been ranked 37th in the global list of movement in luxury home price rise as it saw an appreciation of 6.4% in luxury home prices in 2022, according to a Knight Frank India report. One can buy 113 square metres of prime property in Mumbai for $1 million.

* Property prices in Mumbai are expected to rise by 3% in 2023, says the report, adding the city is the 18th most expensive prime residential market globally. Also, it ranked among the five most expensive ones in Asia-Pacific.

* Monaco holds on to its title as the "most expensive residential market" globally. However, in 2022, the strong currency rewarded the US dollar-based buyer with two extra square metres for their money compared with a year ago.

* The report says New York (33 sq m) has leapfrogged London (34 sq m), again due to the strength of the greenback, making it the “third priciest city”, although the two cities along with Singapore (34 sq m) are pretty evenly tied.

* New York also retained its crown as the most “active super-prime market”, with 244 sales of $10 million or more. Los Angeles and London complete the top three with 225 and 223 respectively.

* Dubai’s 44% annual price growth may conjure up notions of high prices, but values are rising from a low base, the report adds. “Here, $1 million buys 105 sq m, five times as much space as in Hong Kong. For real value, head to Cape Town or São Paulo where the same budget bestows more than 200 sq m.”

* The Covid pandemic-induced boom in prime, super-prime and ultra-prime markets globally continued into 2022, the report finds. Some 1,392 sales were transacted at or above US$10 million across 10 global markets. While this represents a decline compared with the record-breaking 2,076 transactions recorded in 2021, it is still 49% above 2019 levels and equates to US$26.3 billion in sales...

Source : Fortune India

Published On : March 4, 2023
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