Introduction:

In the ever-evolving landscape of India's real estate market, the winds of change are blowing in favor of luxury properties. According to the annual Luxury Outlook Survey 2024 conducted by India Sotheby’s International Realty (ISIR), a remarkable 71% of affluent Indians express a keen interest in investing in real estate over the next 12-24 months. Capital appreciation has now taken precedence over lifestyle upgrades as the primary motivation for real estate investment, marking a significant shift in investor sentiment.

Economic Confidence and Investment Trends:

The survey sheds light on the confidence of High-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs) in the real estate market, with a staggering 79% expressing confidence in the positive trajectory of the economy in 2023-24. This is a substantial increase from the 59% reported in the previous year. The return of investors to the market signals a resurgence in real estate as a lucrative avenue for long-term wealth creation.

Interest Rates and Financing Outlook:

Interestingly, 56% of HNIs and UHNIs believe that the Reserve Bank of India (RBI) will start reducing interest rates in 2024, indicating a positive outlook for mortgage and financing options. This sentiment further reinforces the belief in the stability and growth potential of the real estate market.

Diversified Real Estate Portfolios:

The survey unveils a fascinating trend among affluent Indians, with a staggering 83% owning multiple luxury properties. These individuals are diversifying their real estate portfolios, with 34% owning commercial real estate, 25% holiday homes, 21% agricultural land, and 20% farmhouses. This diversified approach reflects a strategic effort to consolidate and enhance their wealth through a variety of real estate assets.

Goa's Allure for Holiday Home Investment:

For those seeking a second home destination, the survey reveals that 35% of holiday home buyers prefer Goa, underscoring the enduring appeal of this coastal paradise among India's wealthy. Goa's unique blend of natural beauty, vibrant culture, and luxury offerings positions it as the top choice for affluent Indians looking to invest in vacation homes.

Also Read: Why everybody loves Goa and wants to buy a property right now

International Aspirations:

While the focus remains primarily on domestic real estate, 12% of respondents express a desire to invest in overseas properties. Dubai UAE and the USA emerge as the top choices for international real estate investment, showcasing a global perspective among India's affluent class.

Technological Shift in Real Estate Research:

In a rapidly digitizing world, 34% of UHNIs and HNIs have embraced digital mediums, including 3-D virtual reality and walkthroughs, for property research. This shift indicates a growing reliance on technology to streamline the property-buying process, allowing investors to explore and evaluate potential investments from the comfort of their homes.

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Conclusion:

Amit Goyal, Managing Director of India Sotheby’s International Realty, emphasizes the optimistic outlook for the top end of the real estate market in the coming 12-24 months. The surge in housing sales in 2023, coupled with a robust stock market and a burgeoning number of ultra-wealthy individuals, positions real estate as a compelling avenue for long-term wealth creation. As Ashwin Chaddha, CEO of India Sotheby's International Realty, notes, there's a discernible shift in sentiment, highlighting a broader acknowledgment of real estate's enduring value and potential for sustained financial growth.

In conclusion, the real estate landscape in India is witnessing a paradigm shift, with affluent individuals strategically positioning themselves for wealth accumulation through diversified, quality real estate investments. Goa, with its timeless allure, stands out as the preferred destination for holiday home investments, while international aspirations continue to drive a global perspective among India's elite. As the economy continues to demonstrate resilience and potential, real estate emerges as a beacon for investors seeking to create and sustain multi-generational wealth.

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Source: Hindustantimes.com