Luxury Home Sales Surge 53% in 2024: CBRE Report
According to the latest report by CBRE, the luxury home market in India has seen a significant surge, with sales of homes priced Rs 4 crore and above increasing by 53% in 2024. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Afri
Luxury HomesReal Estate MarketCbreHighvalue PropertiesPremium PropertiesReal Estate NewsJan 15, 2025
The report states that the sales of homes priced at Rs 4 crore and above have witnessed a 53% increase in 2024 compared to the previous year.
This remarkable growth is a clear indication of the robust momentum in the high-end segment of the residential real estate market.
Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, commented on the findings, stating, 'The residential real estate market is driven by strong fundamentals, including economic growth, rising disposable incomes, and a growing preference for luxury living.
The surge in sales of premium properties is a testament to the increasing demand for high-quality homes among affluent buyers.'
CBRE's report attributes this growth to several factors, including improved economic conditions, increased financial stability, and the availability of financing options for high-value properties.
Additionally, the recent government initiatives to boost the real estate sector, such as the introduction of schemes like the Real Estate (Regulation and Development) Act (RERA) and the Pradhan Mantri Awas Yojana (PMAY), have played a crucial role in instilling confidence among buyers.
The luxury home market in India has also been influenced by the growing trend of affluent individuals seeking spacious and well-designed homes, equipped with modern amenities and located in prime locations.
Developers have responded to this demand by offering a wide range of luxury properties, from ultra-modern apartments to sprawling villas, catering to the diverse needs and preferences of high-net-worth individuals.
Key cities like Mumbai, Delhi, Bengaluru, and Chennai have emerged as hotspots for luxury home sales, with a notable increase in demand for premium properties in these metropolitan areas.
Mumbai, in particular, has seen a significant rise in luxury home sales, driven by its status as a financial hub and the availability of high-end developments in prime locations.
The report also highlights the growing trend of international buyers investing in Indian luxury properties, attracted by the country's economic growth, cultural diversity, and the value offered by the Indian real estate market.
This international interest has further bolstered the luxury home market, contributing to the overall growth in sales.
CBRE's insights provide valuable information for developers, investors, and policymakers, helping them make informed decisions in the luxury real estate sector.
The firm's comprehensive analysis of the market trends and dynamics is expected to guide future investments and developments, ensuring the continued growth and resilience of the luxury home market in India.
In conclusion, the 53% increase in luxury home sales in 2024 is a clear sign of the robust health of the Indian luxury real estate market.
With strong fundamentals and favorable conditions, the market is poised for sustained growth in the coming years, offering exciting opportunities for all stakeholders involved.
Frequently Asked Questions
What is the percentage increase in luxury home sales in 2024?
Luxury home sales in India have increased by 53% in 2024 compared to the previous year.
What factors contributed to the surge in luxury home sales?
The surge in luxury home sales is attributed to improved economic conditions, increased financial stability, availability of financing options, and government initiatives like RERA and PMAY.
Which cities are leading in luxury home sales?
Key cities like Mumbai, Delhi, Bengaluru, and Chennai are leading in luxury home sales, with Mumbai seeing a particularly significant rise due to its status as a financial hub.
What role are international buyers playing in the Indian luxury home market?
International buyers are increasingly investing in Indian luxury properties, attracted by the country's economic growth, cultural diversity, and the value offered by the real estate market.
What is CBRE's role in the real estate market?
CBRE is a leading global real estate services firm that provides comprehensive analysis and insights into market trends and dynamics, guiding future investments and developments in the luxury real estate sector.
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