7 features the world’s richest homebuyers can’t live without in 2022
What do luxury customers want?
Luxury Portfolio International’s latest report describes today’s “luxury dream home” and spells it out.
The global luxury network surveyed more than 4,600 high-income (the richest 5%) and high-net-worth (those worth $1 million or more) people in more than 20 countries to create its State of luxury real estate report for 2022. From this survey, he deduced seven fundamental trends in luxury homes that the wealthy want today. The company has also created renderings of a model home that embodies the trends.
Overall, it seems that luxury customers are focusing on safety, health and sustainability in the homes they buy.
“While the landscape for luxury residential real estate – and subsequent buyer demand – had fluctuated before COVID, the pandemic has heightened some of the changes we are experiencing today,” said Mickey Alam Khan, President of LPI, in a press release. “This is especially true when it comes to the literal ‘livability’ of a home, such as high-end ‘green’ amenities, space to run around, self-care features like saunas, steam rooms and yoga studios, and ornate entertainment spaces.
“Today’s global market is shaped by widespread uncertainty, which makes it all the more crucial to stay well ahead of the most impactful trends,” he added. “At Luxury Portfolio International, we have long prided ourselves on not only being able to logically dissect what influences the high-end sector, but also on asking buyers, sellers and agents to adapt accordingly.”
Read on to learn about the seven main components that affluent clients need in a home today.
1. A home that reflects a happy and contented life
By creating a home that exudes satisfaction and exhilaration, luxury buyers are showing they’ve figured out how to make this thing called life, LPI’s report concludes. It shows that they have understood how to achieve work-life balance and a sense of satisfaction.
How do we reflect this balance and this satisfaction through a house? By having a property with a great view, in an area accessible by foot or bike, has a short commute to their place of work and easy access to nightlife. The house also evokes feelings of “safety”, “comfort”, “control” and “pleasure”, LPI said.
2. An outdoor space that is an “adult playscape”
After years of dealing with COVID, owners of luxury homes are now prioritizing an “outdoor escape” at home, LPI’s report notes, with a fun outdoor space in which to socialize in peace.
High-tech additions such as solar panels, smart home technology, and Wi-Fi that extend to outdoor spaces are a constant feature in luxury homes. From buyer to buyer, however, outdoor spaces are unique to the individual’s personality, whether it be large grassy fields, gardens or orchards, fully equipped entertaining areas with a swimming pool, an outdoor kitchen and a kind of fire pit.
3. Sustainability is a priority
Today’s affluent buyers are also looking to the future of the planet when considering their next home, making sustainable features one of their top priorities instead of just a nice addition. Ninety percent of luxury buyers surveyed by LPI said environmental sustainability was factored into their home search criteria. Installing solar panels and energy-efficient appliances in a home is no longer enough, notes the LPI report.
In order to meet the criteria of future luxury home buyers, homes will need to have features such as sustainable (reclaimed or renewable) and non-toxic building materials, as well as a designated composting area on the property.
4. Wellness and fitness equipment
In these tumultuous times, luxury buyers expect their homes to be havens of well-being for body and soul. As such, 75% of these buyers expect their next home to have three or more fitness and wellness amenities, according to LPI’s survey.
Luxury homes that include private spaces or quiet gardens, an indoor pool or spa, a massage room or yoga studio, and that let in plenty of natural light will appeal to this luxury trend.
5. High Security
Security has always been a concern for affluent clients, but the way they approach security today is changing with the times.
As luxury customers become more concerned about the potential increase in crime as a result of COVID-19 shutdowns and rising cybercrime rates, they are responding by putting more safeguard systems in place for customers. utilities, data and internet. Monitored home security systems and smart door locks, CCTV surveillance and onsite security or protected grounds also remain essential.
6. Kitchen Gadgets
According to LPI’s survey, having a kitchen full of gadgets for everyday use and entertaining has become essential for 80% of luxury buyers today.
Smart appliances like coffee makers, stoves, blenders, and built-in cocktail shakers are all popular gadgets right now. Additionally, 87% of luxury shoppers want entertainment features such as a dedicated bar, formal dining room and luxury brand appliances. Features like a separate catering or butler kitchen and commercial-grade appliances are also desirable.
7. Outsourced home services
As e-commerce has grown across the country in recent years, now accounting for about 13% of total U.S. retail sales, according to Census Bureau data, luxury shoppers are becoming more accustomed to this that their services are taken care of for them.
In addition to using more app-based services to obtain food, drink and other goods, this trend has resulted in luxury shoppers having more designated spaces in their homes to outsourced day-to-day tasks, such as a place for a personal chef to prepare meals or a break area for hired help.
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