Mumbai real estate is known to be quite expensive, with property prices being among the highest in India. The high demand for housing in the city, coupled with limited land availability, contributes to its costly real estate market.
How expensive is mumbai real estate?
Mumbai, the financial capital of India, boasts a real estate market that is renowned for its exorbitant prices. Property values in Mumbai are among the highest in India, and the market continues to witness an upward trajectory in terms of cost. The city’s high demand for housing and limited availability of land contribute to the staggering prices in its real estate sector.
One interesting fact about Mumbai’s real estate is its sky-high property prices. In 2020, Mumbai was ranked as the third most expensive city in the world for buying a house, according to a report by CBRE, a leading global real estate services firm. This fact highlights the magnitude of the city’s real estate costs on a global scale.
A quote by property developer and real estate mogul, Donald Trump, sheds light on the significance of location when it comes to property pricing. He said, “It’s tangible, it’s solid, it’s beautiful. It’s artistic from my standpoint, and I just love real estate.” This quote resonates with Mumbai’s real estate scenario, where the city’s prime locations command the highest prices due to their desirability and investment potential.
To further delve into the details of Mumbai’s real estate market, let’s take a look at the following table showcasing the average property prices in some of the city’s prominent areas:
|Area||Average Property Price (per square foot)|
|South Mumbai||$1,000 – $15,000|
|Bandra||$900 – $5,000|
|Juhu||$1,200 – $7,000|
|Powai||$400 – $1,300|
|Andheri||$300 – $2,000|
Note: The provided prices are approximate and subject to fluctuations based on various factors such as location, property type, and market conditions.
In addition to the high property prices, Mumbai’s real estate market faces challenges such as limited land availability and a growing population. This leads to a scarcity of affordable housing options for a significant portion of the city’s population, giving rise to a stark contrast between the opulence of luxury projects and the need for affordable housing.
Mumbai’s real estate market remains a symbol of the city’s allure and economic significance. Its high property prices, driven by the interplay of supply and demand, continue to fascinate both local and international investors, while also posing affordability challenges for many residents and prospective buyers.
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As per it, in 2022 average luxury real estate price in Mumbai stood at Rs 707,996 per square-meter or Rs 65,771 per square-feet.
16 th most expensive
India’s financial capital Mumbai is the 16 th most expensive prime residential property market in the world. Globally, Philippines’ capital city of Manila led the Knight Frank Prime International Residential Index (PIRI 100) after luxury home prices jumped 11 percent last year, bolstered by a lack of supply and a thriving domestic economy.
Video answer to “How expensive is Mumbai real estate?”
The YouTube video titled “MUMBAI Itna EXPENSIVE kyu hai ? : Business Case Study | Aditya Saini” discusses the high prices of real estate in Mumbai and explores the various factors contributing to this phenomenon. It highlights how the real estate industry works and the three main ways people earn money in this sector. The video introduces Real Estate Investment Trusts (REITs) as an alternative investment option that provides positive cash flow and liquidity with lower capital. It also explains the reasons behind the high real estate prices in Mumbai, including factors such as future development plans, limited supply of spaces, city history, population growth, and proximity to resources and amenities. The video further explains the inflated prices due to the difference between market price and circle rate, which is used as the basis for transactions. The video concludes by providing tips for navigating the expensive real estate market and avoiding scams.
I am confident you will be intrigued
How much does it cost to buy a flat in Mumbai?
The answer is: Flats for sale in Mumbai have a price range from ₹65.1 Lac – ₹6.50 Cr. Some of the popular localities in Mumbai are Malad-Kandivali, Andheri-Jogeshwari (W), Beyond Mira Road, Andheri-Jogeshwari (E), Borivali-Dahisar offering excellent options for a Flat.
Is Mumbai the most expensive city of the world? Mumbai and Delhi rank among the top 35 most expensive cities in Asia for expatriates, among those surveyed in 2023. However, Mumbai moved down one spot within Asian cities to 27th position from the previous year (2022), the report said.
Is Mumbai real estate more expensive than Delhi?
Answer will be: Delhi-NCR scores high on affordability
One of the biggest differences in the real estate offerings of both cities is in pricing and affordability. Capital values of property show a stark difference in both cities.
Are property prices falling in Mumbai?
According to Anarock Research, there has been a 13% increase in the average property prices across Mumbai Metropolitan Region (MMR) between 2015 and 2022.
Secondly, How much does a house cost in Mumbai?
Answer to this: Other than the localities mentioned above, several other areas are also known for their skyrocketing prices, including Mahalaxmi, Tardeo, Lower Parel and Colaba. Property prices in these localities vary between Rs 31,000 per sq ft and Rs 42,000 per sq ft. Frequently Asked Questions Q. Which is the most posh area in Mumbai?
Consequently, Is Mumbai the world’s most expensive prime residential property market?
As a response to this: India’s financial capital Mumbai is the 16 th most expensive prime residential property market in the world. Globally, Philippines’ capital city of Manila led the Knight Frank Prime International Residential Index (PIRI 100) after luxury home prices jumped 11 percent last year, bolstered by a lack of supply and a thriving domestic economy.
Which city has the most expensive real estate in India? Response to this: Mumbai (67 PIRI rank), which has the most expensive real estate in India, saw a marginal rise in prime real estate costs at 0.3 percent while Delhi recorded a rise of 1.4 percent putting it ahead of Mumbai at 55 th rank on the survey. Bengaluru recorded a rise of 1.1 percent rise in prime residential real estate in 2018 over the previous year.
Herein, Is Mumbai a rich area?
This rich area in Mumbai was developed by reclaiming 75,000 sq metres of land on the western shore of Colaba and is now dotted with residential and commercial skyscrapers, where property prices have touched at exorbitant levels.