The seven trends that shape today’s luxury real estate market
What is luxury? One could ask. This question can not be answered simply, especially when it comes to luxury real estate. As professionals though, the Stars Real Estate staff need to define as precisely as possible the shape of our field of expertise to be efficients for our clients. In this article, we will therefore explore seven trends that we believe are crafting the "luxury home of today"’s definition.
Trend 1: the lookalike
As anyone else HNWI seek contentment in life by creating a stable balance between work and leisure. This notion is more and more common, especially after the pandemic. Hence, buyers of luxury homes and mansions not only want their properties to reflect their achievements and successes, but their nature and a certain joy of life. As luxury real estate agent, we have to keep in mind this aspect and get to know our clients very well to propose them with the best options.
Trend 2: the inside out
The pandemic stroked again! The lockdown aftermaths brought the outside back in the game. Luxury real estate buyers and owners want an outdoor escape that is also home.
Of course, every luxury property buyer is unique. Outdoor can be a fake jungle or a tamed yard with a pool and a barbecue, but one thing is sure: technology is a throughout theme. Smart home technologies and extensive connection are becoming mandatory.
Trend 3: the sustainability relevancy
We evoked this subject in a former article, but fact is sustainability is not an afterthought anymore: it is at the heart of new buyers motivations. And even more, all generations of luxury properties owners are seeking for non-toxic, sustainable building or design materials as well as smart power sources, such as composting, solar panel or bio-gaz.
Trend 4: the body and soul completeness
Once again, luxury real estate, as well as luxury market overall reflects society. In a troubled time, people are seeking for inner peace as well as physical well being. Luxury real estate buyers consider calm, presence of self-care studio, spa and sauna or an indoor pool as well as natural light as very important elements when it comes to decide whether or not to purchase.
Trend 5: The realism toward the state of the world
Luxury real estate owners have an elevated sensitivity toward security as threats are changing shape with the use of high-level technologies. Beside the classical CCTV monitoring, high end real estate buyers are looking for monitored home system, digital vault and on-site security. This requires a constantly updated presence that only high-end owners can afford.
Trend 6: The kitchen effect
It’s a fact: one of the greatest pleasure in life lies in the kitchen. Once hidden, or decorative, then kitchen, along with the dining room, is back at the heart of the luxury home, but with a twist. Paying attention at lifestyle, nowadays luxury kitchen for example include different spaces, a cocktail bar, commercial-grade appliances and several smart gadgets that improves the overall experience.
Trend 7: The at-home services spree
One could easily spot another side effet of the pandemic: at-home services are booming everywhere, and the luxury real-estate owners don’t escape the trend. E-commerce and services are gaining market shares each year. It includes local economy sourcing, catering, healthcare and leisure. For luxury properties owner, it facilitates the empowerment of their lifestyle project.
These trends show, if needed, that the luxury real estate market whether it’s for sale or for renting far exceeds the simple fact of finding, owning or managing properties. It’s about being able to forecast trends and needs, and to stay on the verge of technologies and new behaviours.
That’s what we do at Stars Real Estate.