Luxury Property Home Sales increase to 12%
According to a report by Anarock property consultant, luxury homes sale and supply touched a new high in the first quarter of 2022 having the highest sales and supply in the past three years. Pent-up demand, stable prices, and benign interest rates were the major demand drivers. Luxury property contributed for 12% of overall sales in the first quarter of 2022, in comparison with 7% the first quarter of 2019, since the ultra-high-net-worth individuals rushed to purchase larger homes for accommodating the need for more room during the Covid-19 pandemic. Anarock Group Chairman Anuj Puri said that the new supply in the luxury property in the first quarter of 2022 marks the highest in a given quarter in three years. According to Anarock Research, a total of 13,330 units had been launched in the luxury category in the top 7 cities. The preceding quarter of 2021 witnessed the second highest supply in the category of around 9,350 units, whereas, the first quarter of 2020 witnessed only 4040 new units. DLF Home Developers Limited, Group Executive Director and Chief Business Officer Aakash Ohri said that luxury homes are not just about brick and mortar, but an exclusive address with an overall living experience, complemented with an exclusive lifestyle enabling the privacy and comfort of an individual’s home. Among the most significant trends in this year is an influx of demand for homes in the luxury as well super luxury segments. Image Source
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