Surge in Luxury Property Sales
Sales of luxury properties in India, priced at US$470,000 and above, surged by 37.8% in the first nine months of 2024, according to a report by real estate firm Knight Frank. This growth is attributed to increased demand from high-net-worth individuals and a robust economic recovery post-pandemic. These developments highlight the dynamic nature of India’s real estate market, with significant growth in luxury housing, international investments, and challenges faced by developers.
- Rise in High-Net-Worth Individuals (HNIs) – India is witnessing a sharp increase in millionaires, boosting demand for ultra-luxury residences.
- NRIs Investing in Indian Real Estate – Favorable rupee exchange rates and India’s growing economic strength have led to a record number of NRI investments in premium housing.
- Robust Economic Recovery – India’s GDP growth and stable financial outlook have restored investor confidence, leading to an upsurge in high-value property acquisitions.
- Post-Pandemic Lifestyle Shift – Buyers are prioritizing spacious, high-end homes with world-class amenities, private workspaces, and green environments.
- Luxury as a Safe Asset Class – With volatile global markets, wealthy investors see premium real estate as a secure and appreciating investment.