Ultra-Luxury Homes Sales Soar in 2023
Ultra-luxury properties priced over Rs 40 crore each have seen a significant increase in sales and total sales value in 2023 compared to the whole of 2022. Anarock Research data reveals that 588 ultra-luxury homes have been sold across the top seven cities in 2023 to date, with a collective sales value of approximately Rs 4,063 crore. In comparison, only 13 ultra-luxury homes were sold in these cities in 2022, with a total sales value of approximately Rs 1,170 crore.
Mumbai Leads the Way
Mumbai dominated the ultra-luxury residential market in 2023, accounting for 53 of the total deals. Delhi-NCR followed with four deals, including two ultra-luxury homes in Gurgaon and two bungalows in Delhi. Hyderabad saw one deal worth more than Rs 40 crore. At least 12 deals in 2023 were worth over Rs 100 crore each, with 10 of these occurring in Mumbai and two in Delhi-NCR.
Buyer Profiles and Property Types
Approximately 79% of the ultra-luxury home deals were closed by business owners, while 16% were closed by C-suite professionals. Politicians and Bollywood celebrities accounted for the remaining 5%. Apartments were the preferred property type for HNIs, with 53 of the 58 deals involving apartments and the remaining five involving bungalows.
Factors Contributing to the Surge in Demand
The Covid-19 pandemic has played a significant role in driving demand for luxury and ultra-luxury homes. High-net-worth individuals (HNIs) and ultra-HNIs have been purchasing such properties for investment, personal use, or both. The surge in demand can also be attributed to the reshuffling of HNI investment portfolios due to anticipated stock market volatility resulting from ongoing geopolitical tensions.
Additionally, the growth in new opportunities across various sectors such as global manufacturing in India, rising exports, and a robust startup ecosystem has contributed to wealth creation in the country. This has led to an increase in the number of wealthy individuals in India, who are investing in ultra-luxury properties.
Outlook for the Ultra-Luxury Property Market
As the number of billionaires in India is projected to grow significantly (over 100% growth by 2027), the demand for ultra-luxury properties is expected to continue its upward trajectory. This presents a promising outlook for the ultra-luxury property market in India and offers excellent investment opportunities for HNIs and ultra-HNIs.
In conclusion, the ultra-luxury property market in India has seen a remarkable surge in sales and sales value in 2023. This growth can be attributed to various factors such as the Covid-19 pandemic, wealth creation in the country, and an increasing number of wealthy individuals investing in luxury properties. As the number of billionaires in India continues to grow, the demand for ultra-luxury properties is anticipated to remain strong, offering lucrative opportunities for both buyers and sellers in the market.
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