- Sales of luxury homes costing $1m and above have increased by 50% in Mumbai.
- Wealthy Indians, Bollywood stars and overseas high net-worth individuals (HNWIs) are driving the demand.
- Mumbai's luxury housing market is predicted to remain strong due to its oncoming entrance to the list of the top 20 global cities with the most millionaires.
Mumbai’s luxury real estate market has shown a 50% growth in H1 2023, with the demand for luxury homes thought to be driven by overseas HNWIs and wealthy Indians.
India Sotheby’s International Realty and CRE Matrix’s report for July 2023 on Mumbai’s luxury housing market showed that the luxury house sale prices in Mumbai of $1.2m or higher rose by 60% in H1 2023.
The sale of new luxury homes in Mumbai during the first half of the year came to $107m, surpassing the previous record of $81m in the first half of 2021 by 31%. This represents Mumbai’s highest half-yearly sales of luxury homes since 2018.
The report also found that people aged 25 to 45 made up 35% of luxury homebuyers in Mumbai, and since 2018, the 45 to 65 age group has had the greatest contribution at 55%, making it the most stable and significant age group in this market.
According to two real estate consultant companies in an announcement on 24 July, sales were boosted due to heightened interest from international HNWIs, Bollywood stars and Indian professionals, despite the increase in interest rates in the global housing market.
HNWIs looking to purchase a primary or secondary luxury home in Mumbai will need to use safe modes of money transfer.
Amit Goyal, managing director of India Sotheby’s International Realty, highlighted the rise of ultra-luxury housing unit sales in H1 as a major positive.
Due to rising wealth among Indians and Mumbai’s upcoming entrance to the list of the top 20 global cities with the most millionaires in 2023, it is likely that the Mumbai luxury housing market will remain strong in the foreseeable future.
Abhishek Kiran Gupta, founder of CRE Matrix, suggested that the demand for larger homes with ocean views, particularly penthouses or homes on higher floors with the very best of amenities, is rapidly increasing.
International HNWIs looking to invest in Mumbai luxury homes should use a safe money transfer method to ensure that their money is securely transferred overseas.
HNWIs interested in experiencing India’s luxurious lifestyle can use our online money transfer comparison tool to compare foreign exchange rates.
