India Sotheby's clocks record sales of multi-million dollar homes in India, Sri Lanka
Aug 21, 2021
New Delhi [India], Aug 21 : India Sotheby's International Realty (India SIR) has said it concluded over 50 transactions of million dollar plus homes in India and Sri Lanka over the past 12 months despite pandemic lockdown.
The top markets included Lutyen's Delhi, North Goa, and Colombo. Most of the million-dollar homes sold were independent bungalows and ultra-luxury floors in resale.
Among them was Sapphire Residences serviced apartments by ITC Hotels in Colombo. Sales in the first quarter for Sapphire were over 10 million dollars.
Globally, Sotheby's International Realty recorded a 100 per cent plus jump in sales transaction volume in the first six months of calendar 2021 compared to H1 2020.
"This spectacular growth has come on the back of Sotheby's International Realty delivering a transaction sales volume of 150 billion dollars in 2020," said Ashwin Chadha, Founder, and President of India Sotheby's International Realty.
Historically, the price rise was witnessed either along with or followed by an increase in property sales volume.
"We feel that this is just the beginning of a trend for luxury residential market in India and Sri Lanka region," said Chadha.
Demand is much higher than supply in the Indian ultra-luxury residential market, he said adding most buyers are taking advantage of lower mortgage rates and an all-time high equity market, he added.
"Some of them are reinvesting to save capital gains from sale of equity shares or stake in a start-up or property," said Chadha.
Sotheby's International Realty (SIR) network is present in 75 countries and territories with 1,000 offices and 24,000 sales associates. It achieved a record real estate global sales volume of 150 billion dollars in 2020.
