Mumbai's real estate is the most expensive in the developing world

Mumbai, India’s financial capital is one of the most expensive places in the world to buy a condominium unit, according to a Global Property Guide survey.Apartments in South Mumbai cost around US$9,000 to US$10,200 per square metre.

“Such stellar prices can only be found in the world’s leading cities,” says Yasmin Rahman, yields and valuation analyst at the Global Property Guide.

These prices are exceptionally high for a country with a GDP per person of only US$770 in 2006. Even for highly paid call center agents with annual income of around US$3,000 to US$4,500, these condominiums are still unaffordable.

Property prices in other cities in India are significantly cheaper than in Mumbai. In New Delhi, the administrative capital, used apartments cost around US$2,000 to US$3,000 per sq. m. In Bangalore, India’s Silicon Valley, prices are around US$950 to US$2,000 per sq. m.