The recent momentum in the luxury housing segment shows that buyers today expect first-class homes and a project that provides them with first-class services. As residential real estate is further organised and the share of significant developers increases, consumers will move from renting to buying homes, driven by the momentum of the luxury housing segments. UHNI and HNI, as well as a growing number of new buyers, will contribute to the general renaissance of the luxury residential segment.
Based on the bullish sentiment backed by healthy numbers, it’s safe to say that the luxury real estate market has experienced impressive growth, and buyer demand is not declining. The real estate market has shown remarkable growth over the past couple of years, but the luxury real estate market has nevertheless managed to outperform lower levels. The luxury segment has grown over the past year, and this trend is expected to continue in 2022. While all real estate segments saw growth, reports indicate that the luxury segment will grow significantly in 2022. In the fourth quarter of 2021, the number of new luxury homes increased by 15.8% compared to last year’s market, just 11 days in 2022 compared to 38 days in 2021.
In terms of real estate nationwide, the median sale price for a luxury home in July 2022 was $1.31 million, according to an August report by the Luxury Housing Marketing Institute, a research and endorsement group. A recent report shows that HNIs are optimistic about luxury investment, with about 75% planning to buy luxury properties in the next two years. A recent Sotheby’s International Realty India survey showed that 89% of HNIs prefer commercial real estate luxury properties. For example, according to the recent Sotheby’s International Realty India study, many high-net-worth individuals are proposing to buy luxury properties in the next two years, reflecting a solid and decisive shift in the luxury real estate sector. There is also a new cohort of luxury home buyers, including successful startup founders and self-made entrepreneurs.
The digital boom that has recently taken over the real estate sector has also contributed significantly to the crash in the luxury goods market. “Apart from the metro, cities like Bangalore, Chandigarh, Gurgaon and tourist destinations like Goa, parts of Himachal, Kerala, etc., especially in terms of the secondary housing market, have seen a gradual rise in the luxury housing market. Luxury real estate is offered by first-class developers, attracting world-famous architects and designers to create homes in a unique style. Buyers of modern luxury homes must learn to navigate the real estate market and face the challenges of providing the best value for money.
