Mumbai's Luxury Housing Market Soars to New Heights
The luxury housing market in Mumbai has witnessed a surge in sales, with a record-breaking INR 12,300 crore in sales in the first half of 2024, indicating strong market growth and confidence in the city's real estate.
Mumbai Luxury HousingReal EstateIndia Sothebys International RealtyCre MatrixLuxury HomesReal Estate MumbaiJul 23, 2024
The report, titled 'Mumbai Luxury Housing H1 CY24', reveals that the city's luxury housing market has witnessed a rapid rise in sales, matching the general upward trend in residential property sales. This surge in luxury home sales is a testament to the optimism and confidence in the Indian economy.
India Sotheby's International Realty, the country's leading transaction and advisory firm for luxury homes, and CRE Matrix, a data analytics firm, published the report on Mumbai's luxury housing market for the first half of 2024. The report presents a comprehensive analysis of the market, highlighting the growth and trends in the sector.
This year marks a record high for the Mumbai luxury housing market's half-yearly sales, surpassing the 2019 record of INR 7,100 crore in bi-annual sales. Additionally, over 1,040 housing units were sold in the city over a period of 12 months, the highest number sold in this duration.
Sales in the primary luxury segment amounted to INR 8,752 crore, making it the second-highest half-yearly sales value in the past five years. Combining the primary and secondary segments, the total value of luxury homes sold reached INR 12,300 crore, a new record.
In the secondary market, luxury home sales in Mumbai exceeded INR 3,500 crore, the highest ever recorded. This is a 38% increase compared to the first half of 2023. The secondary segment of the luxury housing market has grown in both sales and market share.
The top 10 neighbourhoods in Mumbai made up 80% of the total sales value for luxury homes, with Worli being the most prominent, contributing 37% of the overall luxury home sales. Goregaon East experienced an extraordinary 1,444% increase in the value of luxury home sales, largely due to high sales in the Oberoi Elysian development.
For properties costing over INR 10 crore, more than half the buyers in the luxury market are aged between 35 and 55, indicating a trend of younger people choosing to buy luxury homes in the city's financial hub. In the past two years, buyers have increasingly preferred larger apartments, especially those ranging from 1,000 to 8,000 square feet.
The most popular size for luxury homes priced over INR 10 crore is between 2,000 and 4,000 square feet. This size range has become the top choice for luxury home buyers, as shown in the report's chart.
In the first half of 2024, luxury housing units over 4,000 square feet consisted of 18% of all primary sales in Mumbai, an increase from 13% in the first half of 2022. 24% of buyers in the top 10 luxury housing localities in Mumbai also came from areas outside of South Mumbai.
Information
India Sotheby's International Realty is a leading transaction and advisory firm for luxury homes in India. CRE Matrix is a data analytics firm that provides comprehensive research and analysis on the Indian real estate market.
India Sotheby's International Realty is a renowned real estate firm that provides expert advisory services to clients looking to invest in luxury properties. With a strong presence in India, the firm has established itself as a market leader in the luxury residential segment. CRE Matrix is a trusted name in the Indian real estate market, providing data-driven insights and analysis to clients and stakeholders.
Frequently Asked Questions
What is the total value of luxury homes sold in Mumbai in the first half of 2024?
INR 12,300 crore
What is the highest half-yearly sales value for luxury homes in Mumbai?
INR 12,300 crore in the first half of 2024
What is the most popular size for luxury homes priced over INR 10 crore?
Between 2,000 and 4,000 square feet
What is the percentage increase in luxury home sales in Goregaon East?
1,444%
What is the percentage of buyers in the luxury market aged between 35 and 55?
More than half
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