Highlights

  • The report shows that 61% of HNIs and Ultra HNIs are looking to buy luxury real estate in 2023-24
  • 33% are willing to spend upwards of 10 crore on luxury properties

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8%-12% rise in luxury property prices in 2022

Prices of luxury properties breached the peak level the segment saw in 2015. This as per a report by India Sotheby's International Realty. 

 

 

Prices of luxury properties appreciated by 8-12 per cent during the last year across major cities and has breached the 2015 peak level, according to India Sotheby's International Realty.

In its annual 'Luxury Outlook Survey 2023', India Sotheby's International Realty (ISIR) revealed that 61 per cent of High-Net-worth Individuals (HNIs) and Ultra High-Net-worth Individuals (UHNIs) are looking to buy luxury real estate during 2023-24.

The sample size of the survey is more than 500 HNIs and UHNIs.

The survey found that 33 per cent of HNIs and UHNIs are willing to spend upwards of Rs 10 crore to acquire the right luxury property.

On rates of luxury properties, the ISIR said, "Even though luxury property prices have gained 8-12 per cent in 2022, they are only marginally higher than 2015 peak." ISIR CEO Amit Goyal said the housing sales remain strong amid pent-up demand and the country's economic growth.

Ashwin Chadha, President, ISIR, noted that Indian real estate has started its multi-year bull run in 2021, after years of remaining subdued.

Among other findings, the ISIR report said that Delhi NCR, Mumbai, Goa and Bengaluru remain the top four cities for respondents to buy real estate.

The report further said that 74 per cent of the surveyed HNIs and UHNIs believe real estate is an important asset to hedge against inflation.

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