Elderly Buyers Drive Surge in Property Registrations in Mumbai MMR
Proportion of Property Registrations by Buyers Aged 61+ Increases by 204% from 2020 to 2024
In a recent study conducted by Knight Frank India, it has been revealed that there has been a significant surge in the share of property registrations in Mumbai MMR (Mumbai Metropolitan Region) carried out by buyers aged 61 and above. The data from the study indicates that registrations by elderly buyers have increased by an astounding 204%, rising from 7,554 in 2020 to 15,276 in 2024. This surge in property registrations showcases the preference of senior citizens for better and more suitable properties to meet their needs for a stable lifestyle.
Growth in Market Share Among Different Age Groups
The analysis from Knight Frank India further demonstrates that the age group of 61 years and above has seen the most remarkable growth in terms of market share in property sales among all other age brackets. The percentage of property registrations from this age group has risen from 12% in 2020 to 18% in 2023, indicating a consistent upward trajectory. Additionally, it is expected that by the end of 2024, property registrations by senior citizens will exceed 23,000, maintaining their 18% share of the market.
Inclination Among Senior Citizens to Upgrade Following the Pandemic
The COVID-19 pandemic has played a significant role in shaping the preferences of senior citizens regarding their living arrangements. Traditionally, the older generation prefers to own an apartment rather than rent, opting for a more stable lifestyle. However, the pandemic has sparked a shift in mentality among senior citizens, with a growing trend of upgrading their living spaces. This change can be attributed to the desire to have the entire family under one roof and a greater emphasis on lifestyle-oriented spaces.
Moving Towards Larger Apartments
One crucial consideration for senior citizens when purchasing a property is the availability of more substantial living spaces. This has resulted in a rise in the share of property registrations within this age group, as older adults encounter a greater need for larger apartments to accommodate their families. By moving into bigger residences, senior citizens can meet their requirements for comfort and suitable living conditions.
The study by Knight Frank India showcases the changing dynamics of the real estate market in Mumbai MMR, with senior citizens emerging as a key demographic driving growth in property registrations. Their preference for stable and upgraded lifestyles has created a demand for larger apartments, reflecting a shift in the needs and preferences of the older generation. It will be interesting to observe how this trend evolves and influences the real estate landscape in the future.
