One of the world’s hottest luxury homes markets is Mumbai, India, where the sales of residences costing $1 million and higher increased by 50% during the first half of this year.
According to a report in FXCompared.com, the sale of new luxury homes in Mumbai during the first half of the year totaled $107 million, breaking the previous record of $81 million set during in the first half of 2021 by 31%. Wealthy Indians, Bollywood movie stars and overseas high net-worth individuals are responsible for much of this activity, and a report by India Sotheby’s International Realty and CRE Matrix found buyers between the ages of 25 and 45 accounted for 35% of these sales while those between 45 and 65 accounted for 55% of the transactions.
“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,” Amit Goyal, managing director of India Sotheby’s International Realty.
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