How much prime property can $1 mn buy? Only 99 sq m in Mumbai, says report

US$ 1 million can buy 99 sq m in Mumbai, 208 sq m in Delhi and 370 sq m in Bengaluru: Knight Frank's The Wealth Report 2025

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Monaco continues its reign as the world’s most expensive city where $ 1 million can get you 19 square metres (sq m) of space, followed by Hong Kong (22 sq m) and Singapore (32 sq m) in 2024, according to the latest wealth report by property consulting firm Knight Frank.  Comparatively in Mumbai, one can purchase 99 sq m of prime residential real estate, marking a decadal decline of 2.6%, as space has become dearer. On the contrary, prime property prices in Delhi and Bengaluru have become less expensive over 10 years with $ 1 mn buying 11% more at 208 sq m and 9% more at 370 sq m.

 

Area (in square meters) purchasable for US$1 million (10-year comparison) for Mumbai, Delhi and Bengaluru 

 

“In contrast, prime property price growth in Delhi and Bengaluru stood at 13% and 14% respectively, making them more affordable for global buyers. 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. As prime international markets saw an average price increase of 3.6% in 2024, Indian cities continue to establish themselves as competitive players in the global luxury real estate landscape," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

 

How much prime property can US$ 1 mn buy 

 

Knight Frank’s flagship The Wealth Report 2025 revealed that the value of Prime International Residential Index (PIRI 100) has increased by 3.6% in 2024. Of the 100 luxury residential markets tracked, 80 recorded positive or same annual price growth. Seoul with 18.4% YoY rise, leads the rankings, while Manila with 17.9% (last year’s frontrunner) slipped to second spot. Dubai (16.9%), Riyadh (16%) and Tokyo (12.1%) complete the top five. 

 

The improvement in the annual growth rate is driven by strong regional performances in the Middle East (7.2%), Latin America and the Caribbean (6.3%). Europe lagged at 2.5%, with high interest rates, slowing economies and weakened consumer confidence weighing on activity in some key markets. However, there were bright spots especially in key second-home markets. North American growth (2.4%) was held back by weaker growth in Canadian prime markets and some US markets, such as Miami, which slowed after recent strong growth. With average growth of 3.7%, sunbelt markets led city markets (3.5%) and ski destinations (2.6%). Resort markets continued their strong performance this year, extending the post-pandemic trend with nearly 30% growth in values, compared to 25% in ski destinations, while cities trailed behind with only 19% growth.

 

Amongst Indian cities, Delhi is ranked 18th, a significant jump driven by a 6.7% year on year (YoY) growth in luxury residential prices. Mumbai follows at 21st, while Bengaluru ranks 40th. Both Bengaluru and Delhi climbed ranks in YoY terms.  Delhi moved up from 37th place in 2023 to 18th in 2024, while Bengaluru rose from 59th to 40th. Mumbai has dropped to 21st position loosing thirteen spots from last year.  

The PIRI 100: Luxury residential markets’ performance, annual price change (2023 - 2024)