Luxury housing shoots up by 53% in top cities worldwide in 2024: Report

India’s luxury housing market was observed to have gone through a spectacular uptick in 2024, where sales registered a year-on-year (YoY) increase of 53% across seven major cities, according to the latest report from CBRE South Asia Pvt. Ltd. New unit launches for the luxury segment, defined as properties priced at ₹4 crore and above, also rose by 52% YoY, indicating strong demand and developer confidence.

The report, titled ‘India Market Monitor Q4 2024 – Residential’, highlighted the broader growth in India’s residential real estate market. Total annual housing sales crossed 300,000 units for the second consecutive year, driven by strong festive demand in the final quarter. To match the rising interest, developers introduced over 280,000 new residential units in 2024.

Mid-range housing dominated the sales, at 40% of total sales, followed by high-end and affordable housing. The three cities, Mumbai, Pune, and Bengaluru, contributed to 64% of the total sales, once again emphasizing their leadership in the market.75,300 housing units were sold in the October-December quarter alone, and 67,800 new units were launched. Notably, Mumbai, Pune, and Hyderabad contributed 63% of total launches in 2024, while Mumbai, Pune, and Delhi-NCR combined to deliver 66% of Q4 sales. Bengaluru, along with Mumbai and Pune, captured 60% of unit launches during the same period.

Commenting on this Anshuman Magazine, chairman and CEO of CBRE India, South-East Asia, Middle East & Africa says, “Residential has been shaped by strong end-user demand and stable fundamentals. We expect this momentum to continue, with sales and launches steady in the coming quarters. As is now surfacing, Noida, Bengaluru, Pune, and Chennai are all showing a shift to high-end development, which has been a remarkable shift in the preferences of the buyer. However, capital values and global economic uncertainties may keep the buyers cautious.