Over the past 18 months, Mumbai has witnessed a notable surge in home purchases among senior citizens. According to a recent survey by Knight Frank, a prominent construction industry research firm, senior citizens have acquired 15,275 properties in Mumbai this year alone. The survey projects that this figure will surpass 23,000 by the end of the year.
People aged 61 and older are classified as senior citizens in this context. During the coronavirus pandemic, home sales in Mumbai had stalled, with 7,554 properties purchased by senior citizens in 2020. However, there was a significant increase in subsequent years: 17,685 in 2021, 18,246 in 2022, and 22,849 in 2023. This surge represents more than a 200% increase in home purchases by seniors compared to pre-Covid levels.
The Retreat of Middle-Aged BuyersAs home purchases by senior citizens continue to rise, there has been a notable decline in transactions among individuals aged 30 to 45. This age group, which represented 48 percent of total home purchases in 2023, has seen its share decrease to 40 percent so far this year.