Millennials, Gen Z expected to make up 60% of new homebuyers by 2030: JLL

Millennials and Gen Z are expected to make up 60% of new homebuyers by 2030, according to a a report by JLL India, a leading global real estate services firm.

 

Millennials, born between the early 1980s and early 2000s, and Gen Z, born between the mid-1990s and early 2010s, are driving housing demand with changing preferences, better financial access, and an emphasis on sustainability and technology-driven homes.

 

The report projects an increase in urban homeownership rates to 72% by 2025, up from 65% in 2020. This growth is expected to be fueled by affordable financing options, favorable government policies, and a growing young demographic entering the property market.

 

“India’s housing market is set for a remarkable transformation by 2025, driven by urbanization, innovation, and evolving consumer behavior,” said Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiative, JLL India.

 

2024 expected to end as the best year ever in terms of the sector’s performance across the top seven cities. At the end of 2024, over 300,000 homes worth Rs 510,000 crore of homes across 485 million sq. ft are expected to be sold, said JLL. Housing sales have remained healthy and hit a new nine months (January-September) peak in 2024 with close to 230,000 homes across the top seven cities worth INR 380,000 crore sold during this period. This translates into 363.2 million sq. ft of space sold during January-September 2024.

 

“With capital values surging and being at an all-time high, close to Rs 380,000 crore worth of homes have already been sold across the top seven cities in the first 9 months of 2024, taking the average sale value of an apartment to Rs 1.64 crore. This was primarily driven by premium housing projects recording robust sales during the year, especially in Delhi NCR” said Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.