India’s super-rich like to store their money in high towers, farms, and vacation homes: Sotheby’s
Farmhouses are often built on one to two acres of land and have an area of 4,000 square feet or more. Real estate is an appealing investment choice for high and ultra-high net worth professionals, with 61% planning to invest in property in 2023-24.
Quite so many as 34% live in high-rise apartments, whereas 30% live in farmhouses and vacation cottages. According to India Sotheby’s International Realty’s annual study, around 65 percent budget for luxury homes priced between Rs 4 crore and Rs 10 crore, with more than 33 percent aiming for one’s worth more than Rs 10 crore.
The top four cities on the real estate map for respondents continue to be Delhi NCR, Mumbai, Goa, and Bengaluru. As much as 11% of India’s wealthiest are looking for property overseas. With the concern of a pandemic fading and the globe becoming more accessible, wealthy Indians are looking to buy luxury flats in New York, Miami, London, Dubai, and Lisbon. In 2023-24, the biggest reason for purchasing a home is to improve one’s lifestyle.
According to the annual Luxury Outlook Survey 2023 performed by India Sotheby’s International Realty, as many as 75% of HNIs and ultra-high net-worth people (UHNIs) feel real estate will do well over the next two to three years, and a comparable 74% say it is a significant asset (ISIR).
“There is no denying that, when done properly, real estate can be a fantastic asset for wealth growth as well as an equally powerful route to hedge against inflation and stock market volatility,” said Ashwin Chadha, president of India Sotheby’s International Realty.
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