71% wealthy Indians wish to buy luxury real estate in 12-24 months: Survey
Despite property prices rising up to ~40% across the top seven cities of India over the last 24 months and higher mortgage rates, demand for luxury real estate remains high, and as much as 71% of UHNIs and HNIs in India wish to buy luxury real estate in the next 12-24 months, compared to 61% last year, according to a survey conducted by India Sotheby’s International Realty.
Amongst the top reasons to buy, there has been a perceptible shift. Most affluent investors have picked capital appreciation as their primary reason to buy real estate over the next 12-24 months, overtaking lifestyle upgrade as the foremost. This indicates that investors are back in the market. Several of those surveyed have also said they are looking to create assets for the next generation, which gives the sense they are investing in property for the long term.
The annual Luxury Outlook Survey 2024 reveals a robust economic optimism among High-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs), with 79% expressing confidence in the Indian economy’s positive trajectory for 2023-24, compared to 59% last year.
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India is shaping its destiny far more confidently than ever before. The world’s fifth-largest economy is poised to become the third-largest by 2027, according to the International Monetary Fund. The RBI pegs a GDP growth guidance of 7% in 2024.
“The rising economic momentum is reflected in record breaking housing sales numbers in Indian real estate in 2023 and an all-time high stock market. We believe the top end of the real estate market will benefit the most in the next 12-24 months. The affluent class is expected to nearly double to 100 million
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