Luxury Homes Experienced 50% Growth Rate in Sales in the First Half of 2023—Mumbai
The luxurious real estate properties costing Rs 10 Crore and more witnessed a growth of approximately 50% from January to June of 2023, per the report released by India Sotheby's International Realty and CRE Matrix.
India Sotheby's International Realty (a well-known transaction and advisory firm) and CRE Matrix (a data analytics firm) highlighted Mumbai's real estate market condition in the first half of 2023.
As per the report, Mumbai has witnessed a growth of 50% in sales of luxury homes compared to the last year. The information also focussed on an 83% Year-over-year (YoY) jump in primary sales and wealth creation.
Some of Mumbai's top luxurious real estate markets are Worli, Malabar Hill, Lower Parel, Mumbai Central, Tardeo, Prabhadevi, Mahalakshmi, Andheri West, Santacruz West and more. Among these, Worli has 31% of the luxury sales of the top 10 areas. However, Malabar Hills has recorded the highest increase in terms of sales at Rs. 1,580 Crore.
Managing Director of India Sotheby's International Realty said," This signifies that real estate has made a meaningful come back into the ultra-high net worth individual's portfolio. With wealth creation in India growing at a fast pace and the country's wealthiest city, Mumbai, set to enter the list of top 20 cities with the most number of millionaires by 2023, we believe there is an inherent strength in Mumbai's luxury housing market which should continue in the future".
The CEO and the founder of CRE Matrix and Index Tap, Abhishek Karan Gupta, said, "Mumbai city has been witnessing around Rs 5,300 Crore of luxury housing sales every half year since 2018. In H1 CY'23, luxury housing sales more than doubled to Rs 11,400 Crore, surpassing even the annual sales of 2018-2020. Indians are getting richer and not shying from flaunting their wealth. The Richie Rich is now eyeing larger homes than ever before with a clear preference for ocean views, higher floors and amenities galore".
