Mumbai’s real estate market has seen a remarkable post-Covid revival, with property registrations by homebuyers aged above 61 years increasing by 204 per cent from 7,554 in 2020 to 15,276 in July 2024, according to a recent report by Knight Frank India.
The report highlights a significant shift in market dynamics, with the share of registrations among this age group increasing from 12 percent in 2020 to 18 percent in 2023. In 2023 alone, 22,849 seniors registered property purchases, and this upward trend is expected to continue. By the end of 2024, registrations in this demographic are projected to exceed 23,000, maintaining their 18 percent market share.
Older adults lead market share growth
Between January and July 2024, senior citizens accounted for 18 per cent of the total 84,866 property registrations across all age groups in Mumbai. The 61+ age group has emerged as the fastest growing segment, outpacing all other age groups in market share growth.
Traditionally, older people have preferred a stable lifestyle, often choosing to own property rather than rent. However, in the post-pandemic landscape, older people are increasingly inclined to upgrade their lifestyle and seek larger spaces. This trend reflects a broader shift: many older people are looking to bring their families together under one roof, driven by a desire for better living conditions and a higher quality of life.
“The shift in homebuyer mindset initiated by the pandemic in 2020 has led buyers to look for larger and better-conditioned homes. For many senior citizens in the city, the pandemic meant reuniting with their children, driven by work-from-home trends, which further influenced decisions to buy larger homes,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
“A higher proportion of shoppers in the older age category reflects optimism for the market, and this trajectory is expected to grow further in the remainder of the calendar year,” he added.
Decline in enrollments among younger age groups
In contrast, home registrations among buyers aged 30 to 45 have seen a decline of almost 40%. This age group, which previously held the largest share of registrations, saw its market share fall from 48% in 2020 to 40% by 31 July 2024.
Meanwhile, the 18-29 and 45-60 age groups have maintained steady contributions at 9 percent and 33 percent, respectively.
First published: August 30, 2024 | 16:29 IS
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