According to the recent study on property registration trends in MMR – Mumbai by Knight Frank India, the overall share of property registrations by homebuyers aged more than 61 years has surged by 204% from 7,554 in 2020 to 15,276 in 2024, with senior citizens being more motivated to elevate to bigger homes after the pandemic.
The amount of registrations among this age category surged from 12% in the year 2020 to 18% in the year 2023. In the year 2023, a total number of 22,849 senior citizens registered their purchased properties. However in the year 2024 till the month of July, this number was recorded at 15,276.
In addition to this, by the end of the year 2024, the registrations of properties by senior citizens is expected to exceed the 23,000-mark maintain an 18% share in the market.
During the period of first seven months of the year 2024 – January to July 2024, out of 84,866 property registrations across the senior citizens in the city is nearly 18%, accounting 15,276 properties has been listed by this age group.
After the period of COVID-19 pandemic, the generation of senior citizens have been choosing to but an apartment rather than renting an apartment.
“The shift in the mindset of home buyers initiated by the pandemic of 2020 has led buyers to seek larger and better living conditions. For many seniors in the city, the pandemic meant reunion with their children necessitated by trends of work from home which further influenced decisions to buy larger homes. An increased share of buyers in the senior age category reflects optimism for the market and the trajectory is expected to further grow in the remainder of the calendar year,” said Shishir Baijal, chairman and managing director, Knight Frank India.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
