As per the Press Trust of India, India Sotheby’s International Realty (ISIR) has reported that prices for luxury real estate have been on the rise in recent years, even surpassing the peak levels seen in 2015. The Luxury Outlook Survey 2023 from ISIR shows that, despite this, around three-fifths of high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) are planning to invest in luxury properties over the next two years. Of the more than 500 respondents surveyed, most are aiming for a price range of ₹4 crore to ₹10 crore, with Mumbai, Goa, Delhi-NCR, and Bengaluru being cited as the most popular choice of location.
Apartments in high-rises, farmhouses and holiday homes, and commercial real estate are some of the most sought-after property types for HNIs and UHNIs, the report says. People looking for a lifestyle upgrade amid growing wealth are the new group of entrants to the luxury real estate market, says Amit Goyal, CEO of ISIR.
A young workforce will continue to drive demand for the housing sector, Goyal adds.