Photographs: Jayanta Shaw/Reuters.
Mumbai is the world's 16th most expensive city for residential space.
Owning a prime residential property in India's financial capital comes with a hefty price tag of around Rs 57,000 per sq ft, real estate consultancy Knight Frank said.
As per the Knight Frank's prime international residential index, the financial capital is also among the few global cities that saw realty prices going up in 2012.
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World's most expensive real estate markets
Photographs: Courtesy, Monaco Torusim.
Monaco (Rank 1)
Rate: $5350-5920/sq ft
The search for safe haven investments has continued to propel prices higher in key global cities; some of the markets worst hit by the global financial crisis appear at long last to be recovering; and the impact of growing global wealth flows has kept governments busy in their attempts to limit price growth and deflate nascent real-estate bubbles before they explode, states Knight Frank.
Around a third of the locations in the Prime International Residential Index (PIRI) showed positive price growth during 2012, but about half reported negative growth.
(Price during the fourth quarter of 2012)
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World's most expensive real estate markets
Photographs: Courtesy, Hong Kong Tourism.
Hong Kong (Rank 2)
Rate: $4570-5050/sq ft
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World's most expensive real estate markets
Photographs: Courtesy, visitlondon.com.
London (Rank 3)
Rate: 3890-4300/sq ft
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World's most expensive real estate markets
Photographs: Courtesy, Geneve Tourisme.
Geneva (Rank 4)
Rate: 2720-3010/sq ft
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World's most expensive real estate markets
Photographs: Reuters.
Paris (Rank 5)
Rate: 2350-2600/sq ft
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World's most expensive real estate markets
Photographs: Courtesy, Singapore Tourism.
Singapore (Rank 6)
Rate: 2340-2580/sq ft
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World's most expensive real estate markets
Photographs: Aleks G/Wikimedia Commons.
Moscow (Rank 7)
Rate: 2040-2260/sq ft
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World's most expensive real estate markets
Photographs: Eric Thayer/Reuters.
New York (Rank 8)
Rate: 2030-2240/sq ft
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World's most expensive real estate markets
Photographs: Reuters.
Sydney (Rank 9)
Rate: 2020-2230/sq ft
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World's most expensive real estate markets
Photographs: Reuters.
Shanghai (Rank 10)
Rate: 1820-2020/sq ft
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World's most expensive real estate markets
Photographs: Kim Kyung-Hoon/Reuters.
Beijing (Rank 11)
Rate: 1530-1700/sq ft
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World's most expensive real estate markets
Photographs: Reuters.
Rome (Rank 12)
Rate: 1470-1550/sq ft
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World's most expensive real estate markets
Photographs: Joe Skipper/Reuters.
Miami (Rank 13)
Rate: 1300-1440/sq ft
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World's most expensive real estate markets
Photographs: Kim Kyung-hoon/Reuters.
Tokyo (Rank 14)
Rate: 1240-1370/sq ft
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World's most expensive real estate markets
Photographs: Reuters.
Los Angeles (Rank 15)
Rate: 1210-1340/sq ft
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World's most expensive real estate markets
Photographs: Reuters.
Mumbai (Rank 16)
Rate: 990-1100/sq ft
Knight Frank's report says Mumbai's real estate witnessed an average price increase of 0.5% in 2012.
Going ahead, the prices in Mumbai are going to shoot up by another 2 to 4% this year, and up to 10 per cent by 2014.
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World's most expensive real estate markets
Photographs: Reuters.
Istanbul (Rank 17)
Rate: 880-980/sq ft
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World's most expensive real estate markets
Photographs: Reuters.
Sao Paulo (Rank 18)
Rate: 660-730/sq ft
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World's most expensive real estate markets
Photographs: Steve Crisp/Reuters.
Dubai (Rank 19)
Rate: 520-580/sq ft
Dubai stands out with strong growth of 20 per cent in the price of luxury villas during 2012.
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World's most expensive real estate markets
Photographs: Reuters.
Cape Town (Rank 20)
Rate: 510-570/sq ft
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