Mumbai's Luxury Housing Market Sees Unprecedented Growth
The luxury housing market in Mumbai is experiencing a surge in sales of properties priced at Rs 10 crore and above, driven by increasing demand and favorable market conditions.
Luxury HousingMumbaiReal EstateIndiaProperty MarketReal Estate MumbaiJul 11, 2024
This significant growth is driven by a strong sense of confidence in the Indian economy, fueled by increasing disposable incomes, favorable government policies, and a growing interest from both domestic and international investors. The development of modern infrastructure and premium amenities in luxury residences is also attracting affluent buyers, further boosting the market's growth.
A total of 1,040 luxury units were sold in Mumbai over the past 12 months, the highest number ever recorded in any 12-month period. This surge is indicative of a strong and sustained demand for luxury housing in the city. The primary luxury segment saw sales worth Rs 8,752 crore, the second-best half-yearly sales value in the past five years, just slightly below the high of the first half of 2023. Properties worth over Rs 3,500 crore were sold during the period in the secondary market, highest-ever in this segment.
Interestingly, more than half of homebuyers in the more than Rs 10 crore luxury market belong to the 35-55-year age bracket. This indicates a long-term trend of younger buyers preferring to buy luxury homes in India's financial capital.
Information
India Sotheby's International Realty is a leading luxury real estate brokerage firm that provides bespoke services to its clients. CRE Matrix is a research and analytics firm that provides data-driven insights on the Indian real estate market.
India Sotheby's International Realty, a subsidiary of Realogy Holdings Corp., is a leading luxury real estate brokerage firm that provides bespoke services to its clients. CRE Matrix is a research and analytics firm that provides data-driven insights on the Indian real estate market.
Frequently Asked Questions
What is the current trend in Mumbai's luxury housing market?
The luxury housing market in Mumbai is experiencing significant growth, driven by a surge in sales of properties priced at Rs 10 crore and above.
What is the total value of luxury homes sold in Mumbai in the first half of 2024?
The total value of luxury homes sold in Mumbai in the first half of 2024 is Rs 12,300 crore.
What is driving the growth of Mumbai's luxury housing market?
The growth of Mumbai's luxury housing market is driven by increasing disposable incomes, favorable government policies, and a growing interest from both domestic and international investors.
How many luxury units were sold in Mumbai over the past 12 months?
A total of 1,040 luxury units were sold in Mumbai over the past 12 months, the highest number ever recorded in any 12-month period.
What is the age bracket of most homebuyers in the luxury market?
More than half of homebuyers in the more than Rs 10 crore luxury market belong to the 35-55-year age bracket.
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