How much prime land can one million dollars get you in Mumbai? The answer may surprise you

How much land can one million dollars get you? Well, if it is in India’s commercial capital, it can get you just 113 square metres of prime property. Just a wee bit more than the 105 metres you can manage just across the sea in Dubai.

But think global, and probably you may have to reconfigure your million dollar dreams, though. The latest Prime International Residential Index released on Wednesday by real estate consultant major Knight Frank reveals that one million dollars — approximately a little above Rs 8 crore—will get you a measly 17 square metres in Monaco, adjudged the world’s most expensive city for real estate.

The realty that can be yours is a little more real in other global hubs — New York will get you 33 sq metres, while London gives you one square metre more. Among Indian cities, while Mumbai remains the costliest (no surprises there), in Delhi it will get you 226 square metres, and in Bengaluru 385 square metres.

The figures also show how the pandemic and its aftermath, the Ukraine war, high rates of inflation and an impending recession have had no effect on luxury real estate — in India or globally. In 2021, the stellar growth in prices of real estate as markets opened up after the lockdowns was considered an anomaly, but the continuing rise only shows how the K-shaped recovery has ensured that the ‘haves’ have been laughing all the way to the bank. 2022, in fact, posted the highest level of prime price growth on an annual basis since the global financial crisis of 2008-’09.

The growth has been pretty healthy in major Indian real estate spots, especially the big three metros. Shishir Baijal, chairman and managing director, Knight Frank India, explained, “Prime residential market in India has seen a rise in sales momentum of high-end properties. Mumbai ranked second amongst Asia-Pacific markets after Tokyo, with 6.4 per cent year-on-year rise in values even as other markets in the region saw declining values. India is also one of the few large economies that has continued its growth momentum since the start of the post-pandemic recovery while many other locations face fresh economic challenges.”

The price appreciation has been the highest in Dubai, which increased 44.2 per cent last year, retaining the top spot in the list, and cementing its status as a global hub for ultra-high-networth individuals, assisted by numerous visa incentives.

Among Indian cities, Mumbai remained the top cat, with a price increase of 6.4 per cent. This saw the city move up from 92nd position in 2021 in the list of the world’s ‘Prime International Residential Index’ to 37th in the latest survey.

Bengaluru moved up by 3 per cent—from 91st to 63rd—while Delhi increased by 1.2 per cent, from 93rd to 77th.