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Mumbai Sees The Steepest Drop In Real Estate Property Prices

Mumbai – the Financial capital of our country is now becoming cheaper for a common man. In a survey for global cities made for the last year, Mumbai’s high-end residential area has witnessed a steep fall in prices though property prices are on the costlier side. We have already told you that Real Estate sales have gone down by 30% in Mumbai.

According to a surveying company, Mumbai’s luxury market has witnessed maximum dip at 18%; the areas coming under the survey have a cost of more than Rs. 50,000 per square feet. Malabar hill is one famous place which falls into this category among several others.

Mumbai sees drop in property prices

Mumbai sees drop in property prices

According to a source, 2010 and early 2011 saw a high increase in market rates with increased economy, but is on the other edge now. Poor show of share market also added to the woes of real-estate people who might have put high hopes of luxury market. RBI’s stringent actions also resulted in such decrease.

While the prime property of the world rose by 3%, Asia has recorded a decrease of 1%. With economic slowdown affecting European countries last year, they are on a recovering trend now where as Asia is on the opposite side of the coin.

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