The luxury housing market in Mumbai has achieved unprecedented growth, with sales of homes valued at Rs 10 crore and above reaching a record high of Rs 12,300 crore in the first half of calendar year 2024 (H1 CY’24). This surge marks an 8% increase from Rs 11,400 crore recorded in the same period last year, according to a report by India Sotheby’s International Realty and CRE Matrix.
The report titled “Mumbai Luxury Housing H1 CY24” underscores the city’s robust real estate sector, reflecting heightened investor confidence and sustained demand for high-end residential properties. The substantial rise in sales value highlights a bullish trend in Mumbai’s luxury real estate segment, outpacing previous bi-annual averages significantly.
Key highlights from the report include:
- Record Sales Value: Mumbai’s luxury housing market achieved its highest-ever half-yearly sales value of Rs 12,300 crore in H1 CY24, demonstrating a notable increase compared to the average bi-annual sales of Rs 7,100 crore observed since 2019.
- Unprecedented Unit Sales: Over the past 12 months, a total of 1,040 luxury units were sold in Mumbai, marking the highest number recorded in any 12-month period. This surge in unit sales underscores strong and sustained demand for luxury homes.
- Primary Market Performance: The primary luxury housing segment contributed significantly to the overall sales, recording transactions worth Rs 8,752 crore. This figure represents the second-best half-yearly sales value in the last five years, closely trailing the peak achieved in H1 CY23. Combined with the secondary market, the total sales value of luxury homes reached Rs 12,300 crore, setting a new benchmark.
The report attributes the stellar performance of Mumbai’s luxury housing market to factors such as growing urbanization, favorable economic conditions, and a surge in high-net-worth individuals seeking premium residential properties. The city continues to attract affluent buyers, both domestic and international, driven by its status as a global financial hub and a prime destination for luxury living.
Analysts anticipate continued momentum in Mumbai’s luxury real estate sector, supported by ongoing infrastructure development, urban renewal projects, and sustained demand dynamics. The record-breaking sales figures in H1 CY24 underscore the resilience and attractiveness of Mumbai’s luxury housing market amidst evolving market conditions.
The bullish trend in luxury home sales not only signals optimism among investors and developers but also reinforces Mumbai’s position as a key player in the global real estate landscape. As the market navigates through economic uncertainties, stakeholders remain optimistic about the city’s potential for continued growth and investment in premium residential properties.