Value of luxury properties in India increased by an average 8-12% in 2022, shows a recent survey by India Sotheby’s International Realty. This increase, shows the survey, has breached the peak seen in 2015.
Despite the price increase, the demand for luxury homes in India is likely to be robust in the coming years, too, data show. According to the Luxury Outlook Survey 2023, 61% of high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) are looking to buy luxury real estate during 2023-24. Lifestyle upgrade and capital appreciation are the top motivation for buying property, it said.
“Capital appreciation is the second most important motivation factor for buying property. This indicates that HNIs and UHNIs are expecting prices to rise in the coming years,” the report said. The sample size of the survey includes over 500 HNIs and UHNIs.
According to the survey, majority of these future buyers (65%) are planning to invest in property, falling in Rs 4-10 crore bracket. Delhi-NCR, Mumbai, Goa and Bangalore are the top 4 cities for respondents to buy property in 2023-24.
“We all are witness to a fundamental shift in the desire for home ownership across age groups, post the pandemic. A young thriving workforce in India will continue to drive demand for the housing sector. As the wealth of a nation grows, it is bound to bring in a new set of buyers into luxury real estate and that’s what we are witnessing,” said ISIR CEO Amit Goyal.
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
sunita.mishra@proptiger.com
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