The growth in housing prices in the same period in Mumbai has been estimated at 8 per cent.813.San Francisco, USA saw the highest rise in annual income at 25 per cent in the five-year period while Amsterdam (Netherlands) at 63.44Los Angeles25. Consistent reduction in apartment sizes has also lowered the average ticket price for Mumbai. Mumbai has seen a drop of close to 7 per cent in the ticket price of new launch in 2018. The real house prices in comparison have grown at a much slower pace of 8 per cent while the real disposable household income growth was over 20.6 per cent recorded the highest rise in housing prices in 2014 – 18.The city recorded a rise of 20.515.913.62Moscow0. However, in comparison to others, Mumbai is distinctly more affordable," said Shishir Baijal, china saws Chairman and Managing Director, Knight Frank India.

It is estimated that on an average, newly launched homes are smaller by 25 per cent in 2014 - 18.Mumbai is one of India’s most expensive housing markets but has seen the affordability of homes significantly increase in the last few years.29Bangkok33. Further, with the recent announcement on reducing GST on under construction projects, the effective payout by the buyers is expected to reduce up to 7 per cent," he added. It takes into consideration three key measures – house price to income ratio, rent as a proportion of income and real house price growth compared to real income growth.4 per cent, indicating an improvement in affordability.Mumbai has seen real household income growth outpace real house price growth by 12.4 per cent in the five-year period ending 2018.814.Indian government’s initiatives such as Credit-Linked Subsidy Scheme (CLSS), Pradhan Mantri Awas Yojana (PMAY), a scheme that aims to ensure 20 million affordable homes by 2022 have worked well.825.45Singapore-2.312. It is now estimated that a house in Mumbai will cost approximately 7 times the annual household income Against 11 times in 2014.4 per cent in annual household incomes in the period of study. Similar to other global cities Mumbai adds many new settlers every year making it a difficult place to find housing.122.Overall, New York saw its income growth exceed real house price growth by 3 per cent while Moscow, Singapore, Mumbai and Paris also saw their average real income over the last five years grow faster than real house prices.77Kuala Lumpur21.RankCityHousing pc growthpc growth in Income1San Francisco41. Moscow saw the largest difference where real income growth outpaced real house price growth by 22 per cent.The affordability in the city has improved on account of reduced size of housing units with largely stable prices.Key findings of the report:Mumbai along with Moscow, Singapore and Paris saw their Average Real Income grow faster than real house prices.

These homes, such as the OPod Tube Housing project, are becoming increasingly popular as a result of affordability pressures, but their impact has been limited·  Reclaiming land: The Hong Kong government is actively trying to extend the amount of land it has to build on by reclaiming land to create new islands·  Floor space regulations: If the Indian government were to lift floor space regulations in Mumbai, developers could build vertically, alleviating the pressure for space in the city, whilst increasing supply.96Auckland4714.As part of the Urban Futures report, Knight Frank has launched its Global Affordability Monitor, which analyses affordability across 32 cities.

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