India Sotheby’s International Realty (India SIR) has registered 30% growth year-on-year in India despite the pandemic blues, and expanded its footprint in more than five major metropolitan centres.
India SIR sold 182 luxury properties worth $280 million during 2021 as against 102 properties valued at $190 million in the previous year. The growth in sale of properties in value terms stood at 47% while in volume it was 78%.
“2021 marked a headline shift in luxury home buying in India. We clocked another extraordinary year. Our India footprint expanded across 5 cities, with a 66-member team. We registered a 30 per cent year-on-year growth,” according to Amit Goyal, CEO, India Sotheby’s International Realty.
“We also concluded more than a dozen transactions valued at USD 10 million-plus, which is unprecedented. Our office concluded one of the highest value transactions, in Goa, at USD 15 million, for an extraordinary beach facing villa expanding the market place,” added Goyal.
Several factors, including demand for extra space and foreseeing a future of hybrid work, have contributed to the return of mojo for luxury homes not only in India, but internationally as well. The global network of Sotheby’s International Realty reported a record US$204 billion in 2021 global sales volume on the back of a $150 billion sale for 2020.
“Real estate has become a hot investment in 2021,” said Philip White, president and CEO of Sotheby’s International Realty. “Once again, affiliates of Sotheby’s International Realty outperformed the industry average and achieved record-breaking home sales as buyers continued to depend on their trusted expertise to navigate the market,” White added.
On India luxury realty market, Goyal, pointed to a bullish outlook on luxury home prices. Unlike some of the developed countries, where the price increase frenzy seems to be cooling off, in India, “we are at the start of a secular price rise since price rise follows rise in volumes if not along with it “.
The stock of luxury homes has fallen behind ready supply, he said. The thriving urban centres of Delhi and Mumbai, and the vacation home destination of Goa, are expected to be the outperformers of 2022.