$1 million can buy a 1065 sq ft house in Mumbai and 2238 sq ft in Delhi: Report
$1 million can buy a 1,065 sq ft house in Mumbai, 2,238 sq ft in Delhi, and 3,982 sq ft in Bengaluru, as per Knight Frank’s Wealth Report
With soaring real estate prices in Mumbai, $1 million could buy approximately 1,065 sq ft of residential property in 2024, reflecting a 3% decline from 1,097 sq ft in the previous year. In contrast, prime property prices in Delhi and Bengaluru have become more affordable over the past decade, with the same amount purchasing 11% more—2,238 sq ft in Delhi and 9% more—3,982 sq ft in Bengaluru, according to Knight Frank’s The Wealth Report 2025.
Monaco continues its reign as the world’s most expensive city where $1 million can buy 1204 sq ft of space, followed by Hong Kong (235 sq ft) and Singapore (344 sq ft) in 2024, the report Prime International Residential Index (PIRI 100) added.
Knight Frank India said that with the US dollar strengthening, the relative affordability of these cities has improved in USD terms, enabling buyers to acquire more space compared to 2014.
“In contrast, prime property price growth in Delhi and Bengaluru stood at 13% and 14%, respectively, making them more affordable for global buyers," Shishir Baijal, Chairman and Managing Director of Knight Frank India, said. As prime international markets saw an average price increase of 3.6% in 2024, Indian cities continue establishing themselves as competitive players in the global luxury real estate landscape, he added.
The Prime International Residential Index (PIRI 100), which tracks luxury property price changes across 100 global cities, recorded a 3.6% annual increase in 2024. Of these, 80 cities saw either positive or stable price growth. Seoul's 18.4% growth, Manila's 17.9% growth, and Dubai's 16.9% growth led to global price appreciation in prime real estate.
Also Read: Mumbai is now among the world's top 10 luxury real estate markets: Knight Frank Wealth Report 2024
Delhi ranks 18th, Mumbai 21st, Bengaluru 40th globally in luxury housing price rise
Among Indian cities, Delhi is now ranked number 18 globally among 100 cities in terms of annual price growth in the luxury housing segment. Mumbai takes the 21st spot, while Bengaluru is ranked 40th, according to Knight Frank’s The Wealth Report 2025.
The report said that Delhi ranked 18 in 2024, a significant jump driven by a 6.7% annual growth in terms of price growth in luxury housing from the 37th spot in 2023 while Bengaluru ranked 40 from 59th position in the previous year.
"Delhi moved from 37th place in 2023 to 18th in 2024, while Bengaluru rose from 59th to 40th. Mumbai has dropped to 21st position, losing 13 spots from 2023," Knight Frank said.
Seoul leads the rankings with an 18.4 percent YoY rise, while Manila, with 17.9 percent (the frontrunner in 2023), slipped to the second spot. Dubai (16.9 percent), Riyadh (16 percent), and Tokyo (12.1 percent) complete the top five.
"Delhi and Bengaluru have demonstrated remarkable growth in the global luxury residential market, each surging by 19 ranks to secure the 18th and 40th positions, respectively, in Knight Frank's PIRI 100 for 2024," Shishir Baijal, Chairman and Managing Director at Knight Frank India, said.
This upward movement underscores the growing appeal of these cities in the high-end real estate segment, supported by infrastructure expansion, economic growth, and increased demand for luxury properties, he said.
