Mumbai’s property market has experienced a notable post-Covid resurgence, with property registrations by homebuyers aged over 61 years increasing by 204 per cent, from 7,554 in 2020 to 15,276 by July 2024, according to a recent report by Knight Frank India.
The report highlights a significant shift in the market dynamics, with the share of registrations among this age group rising from 12 per cent in 2020 to 18 per cent in 2023. In 2023 alone, 22,849 senior citizens registered property purchases, and this upward trend is expected to continue. By the end of 2024, registrations in this demographic are anticipated to exceed 23,000, maintaining their 18 per cent market share.
Senior citizens 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-and-above age cohort has emerged as the fastest-growing segment, surpassing all other age groups in market share growth.
Traditionally, senior citizens have preferred a stable lifestyle, often choosing to own rather than rent properties. However, the post-pandemic landscape has seen an increased inclination among seniors to upgrade to larger, lifestyle-oriented spaces. This trend reflects a broader shift, with many seniors seeking to bring their families under one roof, driven by the desire for improved living conditions and a better quality of life.
“The shift in the mindset of homebuyers 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 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.
“An increased share of buyers in the senior 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 registrations among younger age groups
In contrast, property registrations among homebuyers aged 30 to 45 years have seen a decline of nearly 40 per cent. This age group, which previously held the largest share of registrations, saw its market share drop from 48 per cent in 2020 to 40 per cent as of July 31, 2024.
Meanwhile, the 18-29 and 45-60 age groups have maintained consistent contributions at 9 per cent and 33 per cent, respectively.
First Published: Aug 30 2024 | 4:29 PM IST
