Question
According to the Wealth Report 2023 released by the
Knight Frank,______Â continues its reign as the world's most expensive city.Solution
According to the Wealth Report 2023 released by the Knight Frank, Mumbai's rank has improved to 37th from 92nd in a global list of movement in prices of luxury homes as the city saw an appreciation of 6.4 per cent during 2022 calendar yearAs per the report,the value of Prime International Residential Index (PIRI 100) that tracks the movement in luxury house prices across the world increased by 5.2 per cent YoY (year-on-year) in 2022.Bengaluru improved its rank to 63rd in 2022 from 91st in 2021 & Delhi's rank moved up to 77th from 93rd in 2021.Aspen ranks 2nd with 27.6 per cent growth in prices, followed by Riyadh, Tokyo , Miami, Prague, Algarve, Bahamas, Athens and Porto.According to the report, Monaco continues its reign as the world's most expensive city, followed by Hong Kong (21 square metres) and New York (33 square metres) in 2022. Mumbai ranked second amongst APAC markets, after Tokyo, with a 6.4 per cent YoY rise in values.
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