New Delhi: The prices of luxury homes in Mumbai are expected to go down by 1 percent next year, according to a report by property consultant Knight Frank. Mumbai has also been ranked as the 7th global city for property price appreciation in the coming year.
The localities in Mumbai where the prices of property are expected to fall are Napean Sea Road, Cuff parade,, Colaba, Worli, Lower Parel, Tardeo, Bandra Kurla Complex, Juhu, Bandra West, Santacruz West, Khar West and Prabhadevi.
However, the prices of property in Mumbai have remained stable in the last three months. Mumbai has also been ranked as 28th fastest growing prime residential market in the world. The city has seen a jump of 12.7 percent in prices of residential properties in the last 10 years.
The demand and supply of prime residential properties is likely to see a slight fall next year. The supply of luxury properties is likely to take a significant hit in 2020.
The average price of prime residential properties in the Maximum City is Rs 64,775 per square feet, the highest in the country.