Mumbai realty prices spike 154% since 2005

A survey of 10 mega cities across the world has revealed that Mumbai registered the highest percentage rise in property prices since 2005. The recent World Class Cities Index by London based, listed real estate adviser Savills shows that average property rates in Mumbai surged 154 per cent since December 2005.Besides Mumbai, only Shanghai and Singapore have triple digit percentage growth while New York at 7 per cent had the least increase over the same period.According to Yolande Barnes, head of Savills Residential Research, the extraordinary residential price growth, despite the 2008 downward correction in Mumbai, is unsustainable. Contact: Savills.Tel: 022-6504 7598.Website: www. savills.co.uk