Mumbai’s luxury housing market recorded strong growth in H1 CY’23. The city witnessed record sales across premium residential projects. Luxury homes above ₹10 crore attracted high buyer demand. Buyers preferred larger homes with sea views and premium amenities. The market also remained strong despite higher interest rates.
According to the Luxury Housing Report for CY’23 – Mumbai by CRE Matrix and India Sotheby’s International Realty, Mumbai recorded luxury housing sales worth ₹11,400 crore in H1 CY’23. The city also achieved the highest half-yearly luxury sales value in the last five years. Primary luxury sales touched ₹8,817 crore during the period. The report highlighted strong demand across Worli, Malabar Hill, Bandra West, and Mumbai Central.
Mumbai Luxury Housing Sales Reach Record Levels
Mumbai witnessed strong momentum in luxury housing sales during H1 CY’23. The city recorded 84% growth in luxury housing unit sales compared to the average of all half-years since 2018. Luxury home demand increased across both primary and secondary markets. The report also showed rising confidence among high-net-worth buyers.
The primary luxury housing segment performed exceptionally well during the period. Primary luxury home sales grew 45% in H1 CY’23 compared to H1 CY’22. Mumbai recorded 388 primary luxury units sold during the first half of the year. The city also achieved the highest number of luxury units sold in any 12-month period during the last five years.
Primary Luxury Housing Market Drives Growth
The primary luxury housing segment remained the key growth driver in Mumbai. Primary luxury home sales value reached ₹8,817 crore in H1 CY’23. This figure marked the highest half-yearly sales value recorded in the last five years. The market also surpassed the previous H1 CY’21 record by 31%.
Luxury housing contributed significantly to Mumbai’s overall residential market. Primary luxury sales contributed 18% to the city’s total primary housing sales value. During 2018 to 2022, this average remained around 13%. The report also showed that luxury housing accounted for only 1.5% of total units sold in Mumbai.
Worli Leads Mumbai Luxury Housing Market
Worli emerged as the top luxury housing destination in Mumbai during H1 CY’23. The locality contributed 31% of luxury sales among the top 10 localities. Worli also recorded the highest sales value in the primary luxury market. Several premium residential projects witnessed strong buyer demand during the period.
The locality recorded luxury housing sales worth ₹2,383 crore in H1 CY’23. This marked a 251% increase compared to H1 CY’22. Premium projects such as Oberoi Three Sixty West, Lodha The Park, and K Raheja Artesia attracted buyers. Buyers preferred sea-facing homes and larger residences in the locality.
Malabar Hill Witnesses Sharp Luxury Sales Growth
Malabar Hill recorded one of the strongest growth rates in Mumbai’s luxury housing market. The locality witnessed a 481% increase in luxury housing sales value during H1 CY’23. Luxury home sales value in the locality reached ₹1,580 crore during the period. Malabar Hill also contributed 18% to Mumbai’s primary luxury housing market.
The locality attracted buyers seeking exclusive residences and premium sea views. Luxury projects in the area witnessed strong demand from ultra-high-net-worth individuals. Lodha Malabar recorded one of the highest-value luxury transactions during the first half of the year. A 6,500 sq ft apartment sold for ₹350 crore in March 2023.
Bandra and Andheri Continue to Attract Luxury Buyers
Bandra West continued to attract luxury homebuyers during H1 CY’23. The locality recorded luxury housing sales worth ₹618 crore during the period. Sales value in Bandra West increased 69% compared to H1 CY’22. The area remained popular among celebrities and affluent buyers.
Luxury projects such as Sunteck Signature Island and Rustomjee Parishram witnessed healthy demand. Buyers preferred larger apartments with premium amenities and better connectivity. Andheri West also emerged as a growing luxury housing market. The locality recorded total luxury housing sales worth ₹204 crore in H1 CY’23.
Larger Luxury Homes Gain Popularity in Mumbai
Mumbai luxury homebuyers showed a strong preference for larger residences in H1 CY’23. Apartments sized between 2,000 sq ft and 4,000 sq ft contributed 62% of primary luxury sales. The report also highlighted rising demand for homes above 4,000 sq ft. Buyers increasingly preferred spacious residences with premium facilities.
Luxury homes above 4,000 sq ft contributed 22% of total primary luxury sales in H1 CY’23. In H1 CY’18, this share stood at 14%. The 4,000 sq ft to 8,000 sq ft category recorded four times the sales growth compared to H1 CY’18. The trend reflected rising wealth creation and changing lifestyle preferences.
Ultra-Luxury Housing Segment Shows Strong Demand
Mumbai’s ultra-luxury housing segment witnessed strong buyer activity during H1 CY’23. Homes priced between ₹40 crore and ₹70 crore recorded healthy sales growth. The segment witnessed 64 units sold during the last 18 months. During the previous 18-month period, the segment recorded only 39 units sold.
The ₹10 crore to ₹20 crore category continued to dominate the luxury housing market. This segment contributed nearly 71% of total luxury housing sales. Buyers also showed increasing interest in premium residences above ₹70 crore. The report highlighted growing confidence among ultra-high-net-worth individuals.
Luxury Housing Buyers Come From Different Age Groups
Mumbai’s luxury housing market attracted buyers across multiple age groups. Buyers aged between 45 and 65 years remained the largest buyer category since 2018. This segment contributed nearly 55% of luxury home purchases on average. Buyers in the 35 to 45 years category also showed strong participation.
The report also highlighted growing demand from senior buyers above 65 years. This age group contributed 15% of luxury home purchases in H1 CY’23. Wealth creation and business growth supported demand across older buyer groups. Many buyers also upgraded to larger homes with better amenities.
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