The average Indian would need to work for about 3 centuries to pay for a luxury home in Mumbai, making that city the least affordable in the world for locals,
100 square meter (1076 square feet) luxury residence in Mumbai costs about $11.40 lakh (about Rs 5,8 crore), or 308 times the average annual income in India .
It based on calculations from a housing index compiled using 63 markets by Knight Frank and income estimates of the US Central Intelligence Agency for purchasing power parity in 2011.
Highlights of Knight Frank Report..!
^ China's Shanghai buyers would need 233 times the per capita income, and Moscow inhabitants 144 times Russian earnings.
^ Singapore & New York home buyers would need 43 years & 48 years, respectively, for equivalent residences using national income averages..
^ Prime location home prices in Mumbai averaged $11,400 a square meter in the quarter to December 31, 2011, while India's per capita purchasing power was $ 3,700 (Rs. 1,88,700), the data show. Residential prices in India, calculated using an average in major cities nationwide, rose 284 per cent in real terms in the period after adjusting for consumer-price inflation.
^ Shanghai residential prices were $ 19,600 a square meter & China's income was $ 8,400. The Knight Frank Prime International Residential Index is compiled using the top 5% districts in each city, according to Liam Bailey, London-based head of residential research at Knight Frank.
^ Japan, Ireland & Germany posted the biggest price declines in the same period. Japan’s cost-adjusted drop was 30%. .
Src:Bloomberg
100 square meter (1076 square feet) luxury residence in Mumbai costs about $11.40 lakh (about Rs 5,8 crore), or 308 times the average annual income in India .
It based on calculations from a housing index compiled using 63 markets by Knight Frank and income estimates of the US Central Intelligence Agency for purchasing power parity in 2011.
Highlights of Knight Frank Report..!
^ China's Shanghai buyers would need 233 times the per capita income, and Moscow inhabitants 144 times Russian earnings.
^ Singapore & New York home buyers would need 43 years & 48 years, respectively, for equivalent residences using national income averages..
^ Prime location home prices in Mumbai averaged $11,400 a square meter in the quarter to December 31, 2011, while India's per capita purchasing power was $ 3,700 (Rs. 1,88,700), the data show. Residential prices in India, calculated using an average in major cities nationwide, rose 284 per cent in real terms in the period after adjusting for consumer-price inflation.
^ Shanghai residential prices were $ 19,600 a square meter & China's income was $ 8,400. The Knight Frank Prime International Residential Index is compiled using the top 5% districts in each city, according to Liam Bailey, London-based head of residential research at Knight Frank.
^ Japan, Ireland & Germany posted the biggest price declines in the same period. Japan’s cost-adjusted drop was 30%. .
| Singapore | 42.7 |
| New York | 48.4 |
| Cape Town | 54.6 |
| Sydney | 54.9 |
| Rome | 60.1 |
| Jakarta | 60.7 |
| Bangkok | 67 |
| Geneva | 73.5 |
| Paris | 77.7 |
| Hong Kong | 96.4 |
| London | 136.2 |
| Moscow | 143.7 |
| Shanghai | 233.3 |
Src:Bloomberg
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