Luxury Real Estate Trends in 2024: What to expect in high-end properties
Since the advent of COVID-19, the real estate market has been witnessing crests and troughs. The demand for, both rental and owned, underwent a steep downward trend owing to work from home. However, as the sun begins to rise again, the real estate segment is once again witnessing a shift – shift from affordable housing towards luxury housing. With work places opening up, work force is approaching with caution which is getting reflected on home spaces – larger spaces which are conducive for both work and leisure. According to a study by Anarock, 18% of the total units sold in the top seven cities in 2022 fall into the luxury category, compared to just 7% in 2019.
If on the one hand home buyers are looking to buy luxury properties replete with all amenities, they are also looking to integrate global design and décor exposure into their homes for a more exquisite experience. Home buyers are seeking the perfect location with clean air, good accessibility, best-in-class infrastructure, breathtaking views, thereby transforming the landscape of luxury real estate market.
Consumer preferences and technology have had a massive role to play in the real estate market evolving into a luxury segment, globally. In India too the situation isn’t any different. According to CBRE South Asia Pvt Ltd’s report, ‘India Market Monitor Q1 2023’, the luxury residential witnessed a whopping 151% YoY sales increase during the first quarter of 2023. Sales of high-end units in Delhi-NCR alone surged by an astounding 216%. Hyderabad topped the list with an approximate 800% increase. Global exposure to international real estate trends and architectural designs too have paved the way for the rise of luxury real estate segment.
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