Luxury Housing Sees Shift In Consumer Preferences In 2024
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According to the report, sales of luxury housing units reached 12,625 in the first nine months of 2024, compared to 9,160 in the same period last year. Nearly 90% of these sales occurred in Delhi-NCR, Mumbai and Hyderabad.
A Shift in Luxury Housing Demand in 2024
The luxury housing market has witnessed a significant shift in 2024. People are now moving away from smaller or regular homes and opting for larger, smarter spaces. The COVID-19 pandemic changed work habits and lifestyles, redefining the home concept. A home is no longer just a place to live; it has become a multifunctional space catering to work, relaxation, health, and entertainment. Since the pandemic, the need for dedicated spaces within homes has grown. Modern homes are now designed to be smart, comfortable, and versatile, offering a perfect fit for every aspect of life.
This change has led to a remarkable increase in demand for luxury homes in 2024. The numbers speak for themselves—luxury housing sales have increased by 38% in the first nine months of this year compared to last year. Major metropolitan cities accounted for more than 70% of these sales. Let's delve deeper into the growing demand for luxury housing and what experts say about this trend.
Growing Demand for Larger Homes
The work-from-home trend is a major driver of demand for larger homes. People prefer homes with separate office spaces to ensure an uninterrupted work environment. Additionally, there's a growing need for ample space, open floor plans, and a comfortable atmosphere. High-income buyers now look for homes with spacious kitchens, outdoor areas like gardens and balconies, and modern amenities. Health-conscious buyers also prioritize in-home facilities like gyms, yoga studios, spas, and meditation zones.
Rise in Smart Home Technology
Smart home technology is another growing trend in the luxury housing market. Buyers are looking for homes with smart features, such as smartphone-controlled appliances. Preferences also include private gyms, rooftop terraces, and swimming pools. Real estate developers have noticed these shifting priorities and are designing projects accordingly to cater to the evolving needs of buyers.
Increased Investment in Premium Projects
Shantanu Gambhir, MD of Rise Infraventures, stated that the luxury real estate market is experiencing an exciting time for both buyers and investors. Premium projects in the Delhi-NCR region are witnessing significant investment, with the demand for larger homes continually rising. Delhi-NCR is emerging as a major hub for luxury real estate, offering an unmatched living experience for those seeking the best in comfort and style.
In the first six months of 2024, around 3,300 luxury homes were sold in these cities, a 13.8% increase from last year. These cities are becoming hotspots for luxury real estate, attracting buyers who prioritize prime locations and high-quality amenities.
