Mumbai Property Market – what is going on?
Over the last few years, some of the best returns have been from investment in Mumbai properties, thanks to extreme scarcity of development land and high rental yields. Certainly investment in properties has been one of the key investment markets for investors in Mumbai over the last few years. Real Estate rental values are at high levels and are increasing year-on-year.
The inadequate availability of good quality properties in Mumbai’s sought after locations is becoming crucial according to Prime Realtors, the leading real estate consultants of Mumbai.
The property market in the Mumbai is being driven by a lack of choice of good quality space due to the shortage of development land.
While realty prices in the rest of the country are declining, prime areas of the Mumbai are optimistic with more houses appearing in estate agents' windows with high price tags attached.
Mumbai Real Estate has become an international commodity, with investors and NRI buyers driving prices up above peak levels.
Despite Mumbai the financial capital of India being ranked third cheapest place to live by Worldwide Cost of Living Survey conducted by international research firm Economist Intelligence Unit, many Mumbaikar’s find it hard to buy a decent living accommodation in their preferred locations. The Indian cities' ranking among five cheapest has come as a shocker, as soaring realty prices have been a matter of severe concern for common man. Not only ownership prices; Mumbai tops India’s rental price market as well. Investors, who account for more than 50% of transactions in Mumbai, have turned Mumbai into a market driven by exchange rates rather than home loan interest rates. Wealthy NRI’s and investors see Mumbai property as a safe haven for their money.
There's a new report every other day predicting variances of whether house prices are creeping up again or set to fall further – it's hard to know what to believe. However, a growing number of realty experts think that the
Mumbai Property bubble is soon to burst. Undeterred by reports of falling house prices, optimistic sellers are increasing their average asking prices every other day. More people are forced to
Mumbai Rental Properties, instead of purchase, their home, because many would-be purchasers have been priced out of the real estate market due to high realty prices. Common man is left out in the cold in the buying and selling game.
