In the first half of 2024, sales of luxury homes in Mumbai that cost INR 10 crore or more increased by 8%, reaching INR 12,300 crore. This is higher than the INR 11,400 crore in sales during the first half of 2023, according to a report by India Sotheby's International Realty and CRE Matrix.

The report titled "Mumbai Luxury Housing H1 CY24," reveals record-breaking sales figures, indicating strong growth and increased confidence in Mumbai's real estate market. This rapid rise in luxury home sales matches the general upward trend in residential property sales, showcasing the optimism and confidence in the Indian economy. India Sotheby's International Realty, which is the country's leading transaction and advisory firm for luxury homes, along with data analytics firm CRE Matrix, published the report on Mumbai's luxury housing market for the first half of 2024. The report also presents other statistics and figures from sections of the housing market.

This year marks a record high for the Mumbai luxury housing market's half-yearly sales, hitting INR 12,300 crore, which is a drastic increase from the 2019 record of INR 7,100 crore in bi-annual sales. Additionally, over 1,040 housing units were sold in the city over a period of 12 months, which is the highest number sold for this particular duration. These figures signal a rising demand for luxury housing in the city.

Sales in the primary luxury segment amounted to INR 8,752 crore, making it the second-highest half-yearly sales value in the past five years, just below the record set in the first half of 2023. Combining the primary and secondary segments, the total value of luxury homes sold reached INR 12,300 crore, which is a new record.

In the secondary market, luxury home sales in Mumbai exceeded INR 3,500 crore, the highest ever recorded. This is a 38% increase compared to the first half of 2023. The secondary segment of the luxury housing market has grown in both sales and market share. In the first half of 2024, its market share was 32%, up from 27% in the same period of 2023. This rise shows the market's maturity and indicates that investors are confident in diversifying their investments. Moreover, the top 10 neighbourhoods in Mumbai made up 80% of the total sales value for luxury homes, with Worli being the most prominent, contributing 37% of the overall luxury home sales. Goregaon East experienced an extraordinary 1,444% increase in the value of luxury home sales, largely due to high sales in the Oberoi Elysian development.

For properties costing over INR 10 crore, more than half the buyers in the luxury market are aged between 35 and 55, indicating a trend of younger people choosing to buy luxury homes in the city's financial hub. In the past two years, buyers have increasingly preferred larger apartments, especially those ranging from 1,000 to 8,000 square feet. The most popular size for luxury homes priced over INR 10 crore is between 2,000 and 4,000 square feet. This size range has become the top choice for luxury home buyers, as shown in the report's chart.

In the first half of 2024, luxury housing units over 4,000 square feet consisted of 18% of all primary sales in Mumbai, an increase from 13% in the first half of 2022. 24% of buyers in the top 10 luxury housing localities in Mumbai also came from areas outside of South Mumbai. This suggests that people are upgrading their lifestyles and are willing to move away from their original neighbourhoods. In Goregaon East, 14% of the buyers among the top 10 localities for luxury homes are purchasing properties there. The report also pointed out that Goregaon East represents 14% of the buyers in the top 10 luxury home localities and individuals over 65 are becoming an important group of luxury home purchasers, often using their business profits to invest in real estate.

The report highlights the ongoing strength of Mumbai's luxury housing market, fueled by strong demand and high sales in major areas. Given the market's resilience and consistent growth, the forecast for the rest of 2024 is optimistic.