Post-COVID, senior citizens lead the charge in Mumbai's property boom, with 204% registration hike
In a surprising twist to Mumbai's real estate scene, senior citizens are emerging as the new power players in property purchases. A recent Knight Frank India study reveals a staggering 204% surge in property registrations among the 61+ age group, jumping from 7,554 in 2020 to 15,276 in 2024.
Senior citizens now account for 18% of total property registrations, up from 12% in 2020.
Post-pandemic trends redefine Mumbai’s property market
This trend reflects a shift in lifestyle preferences following the Covid-19 pandemic, with many elderly buyers opting for larger homes to accommodate extended families. Shishir Baijal, Chairman of Knight Frank India, noted that the pandemic-driven demand for better living conditions has influenced this surge. By year-end, property registrations by senior citizens are expected to surpass 23,000, maintaining their 18% market share.
Interestingly, while the 61+ age group has seen the most growth, the traditionally dominant 30-45 age group has experienced a decline in market share, dropping from 48% in 2020 to 40% in 2024.
This shift underscores the evolving dynamics of Mumbai's real estate market, where seniors are increasingly driving demand.
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