Luxury real estate demand go up due to HNIs & UHNIs interest; Goa preferred as holiday home destination | SURFACES REPORTER Real estate update

Wealthy Indians wants to invest more money in luxury real estate leading to the demand go up in the next fiscal year. Also, Goa remains the preferred destination for owning secondary property. A report by SURFACES REPORTER

HNIs & UNIs’ unwavering interest in long term real estate investment

According to the annual Luxury Outlook Survey 2024 conducted by India Sotheby’s International Realty (ISIR), there is an atmosphere of robust economic optimism among High-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs).

The report suggests that despite an almost ~0% rise in property prices over the last 24 months and increase in mortgage rates, 71% of respondents expressed an intent to buy real estate in the next 12-24 months, showcasing significant confidence in the market.

Luxury home sales see 115% rise

There is an overall positive sentiment in the market. This can be proven from the fact that luxury home sales see almost 115% rise in the first 9 months of 2023 as suggested by a report from Anarock real estate consultancy.

According to the report, of the 3.49 lakh units sold in India's top seven cities- Mumbai, NCR, Bengaluru, Hyderabad, Pune, Kolkata and Chennai- in the first nine months of 2023, about 24% or approximately 84,400 units were luxury homes which are prices upward of Rs 1.5 Cr. In the same period of 2022, just 14% (approx 39,300 units) of 2.73 lakh units sold in 2022.

This rise in sales is led by Hyderabad and Pune which saw a luxury housing sale increase by 260% and 191% respectively.

Goa preferred as the investment destination

The report by Southeby also suggests that, Goa’s lifestyle continues to beckon India’s wealthy. Out of holiday home buyers, almost 1/3rd (35%) marked Goa as there preferred destination to buy and invest in. 2/3rd (65%) chose rest of India’s hill and other sea front destinations, combined."

 In addition, there has been a perceptible shift in the mindset of the investors as most of them are buying real estate for capital appreciation and not for lifestyle upgrade. This indicates that investors are back in the market.

Several of those surveyed have also said they are looking to create assets for the next generation giving the impression that they are investing in property for the long term.

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