Lincoln Bennet Rodrigues, Chairman & Founder, The Bennet and Bernard Company, stated that the luxury real estate segment will continue to be the growth engine of the real estate sector in 2023. This is due to a shift in lifestyle preferences as buyers become more discerning in their choices for a signature style of living. The hike in interest rates will not have a significant impact on the luxury housing segment as the demand of home buyers in this segment is beyond these considerations. The affordability of home loans still remains good despite the hike. NRIs, HNIs and the uber rich have also favored luxury real estate during the past couple of years. To ensure the revival of overall real estate demand and improvement in the liquidity situation, a cut in the key rates going forward would be widely appreciated.
The Growth of Luxury Real Estate in 2023
Lincoln Bennet Rodrigues, Chairman & Founder, The Bennet and Bernard Company, said that the luxury segment was the real estate sector’s growth engine and this trend is expected to continue in 2023 given change in lifestyles. The hike in interest rates will not have significant impact on the luxury housing as the demand of home buyers in this segment is beyond these considerations.
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