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

Bengaluru, March 5, 2025– Knight Frank’s flagship The Wealth Report 2025  cited that Monaco continues its reign as the world’s most expensive city where US$ 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. Comparatively in Mumbai, one can purchase 99 sq m of prime residential real estate, marking a decadal decline of 3%, as space has become dearer. On the contrary, prime property prices in Delhi and Bengaluru have become less expensive over 10 years with US$ 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

 Source: Knight Frank Research

Shishir Baijal, Chairman and Managing Director, Knight Frank India, “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.”

How much prime property can US$ 1 mn buy 

Source – Knight Frank Research 

Delhi and Bengaluru rise in global rankings on PIRI Index in 2025: Knight Frank’s The Wealth Report 2025 

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

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

Source: Knight Frank – The Wealth Report 2025 (PIRI 100)| *all price change are in local currency

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “Delhi and Bengaluru have demonstrated remarkable growth in the global luxury residential market, each surging by 19 ranks to secure the 18^th and 40^th positions, respectively, in Knight Frank’s PIRI 100 for 2024. 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. While Mumbai saw a decline in ranking, its prime property prices have risen by 30% over the past decade, nearly in line with the INR depreciation of 27%.”

Liam Bailey, global head of research at Knight Frank said “Even for prime markets, interest rates remain the key story. Rates are still very high in most developed markets compared with where they were as recently as 2022, but the past 12 months have seen central banks move decisively into a new era, with cuts outpacing rate rises for the first time in three years. While the direction of travel is positive for house prices and has supported the growth, we have seen in over three-quarters of markets, the reduction in debt costs is still not sufficient to turn this into a trend in most markets. It will take additional rate cuts during 2025 to restore momentum.”