Mumbai may not be the costliest city in the world, a new report says

Mumbai

The interest in real estate investment seems to be fading with time and unaffordable prices however, Indian High Networth Individuals (HNIs) still get attracted towards buying property in London.

According to a new wealth report unveiled by Knight Frank last week, Mumbai, which is considered to be one of the costliest cities in the world, but it isn’t all what it seems. Monaco tops the list for real estate rates globally, while India’s commercial capital is near the bottom of the pyramid the wealth report findings observe. So, if you are a billionaire contemplating on parking your money in real estate, it is perhaps time to look closer home.

As per this report, a rich Indian can manage to buy 99 sq metre of space in Mumbai for $1 million which keeps it much closer to the bottom of the pyramid. Hong Kong, Singapore, Shanghai, Beijing and Tokyo are the Asian cities that outdo Mumbai in terms of cost.

The top of the pyramid is captured by Monaco, where for $1 million; you can only buy 17 sq metres of space followed by Hong Kong (20), London (22) and New York (27).

The Indian UHNIs (Ultra High Networth Individuals) also prefer to purchase properties in Dubai and Singapore. According to a survey, the latter two cities are expected to surpass the coveted top positions presently enjoyed by London and New York, the report states.