whitepapers

The Most In-Demand Luxury for Affluent Homebuyers: Personal Wellness

Luxury Portfolio International's recently released report The Great Wellness Surge: Bringing the Best Life Home takes an in-depth look at how personal wellness has become the newest and most prioritized luxury from the perspective of those with homes worth $1 million USD or more.

Loving the luxury spa-like bath featured on the cover of the report? We are too! This luxurious bathroom is in the master suite of one of our listings! Check it out here and take a virtual tour around this serene oceanfront oasis built with wellness in mind. La Cieba is a luxury estate on Paradise Island, listed with Bahamas Realty broker Andrea Brownrigg.

According to their findings, there has never been a larger market of potential luxury homebuyers, with personal wealth at a record high globally; however, the luxury market is not immune to challenges, "Buyers face the possibility of economic or political instability, evolving tax structures and climate-related purchase considerations. Beyond these evergreen challenges, novel issues like the Coronavirus (COVID-19) have impacted market activity."

What is the response to these uncertainties? A focus on wellness to tune out the noise of the world.

The report breaks down five key wellness-oriented trends that are predicted to impact the purchasing decisions of homebuyers in the time ahead, including the rising demand for residential wellness amenities, the pursuit of wellness through international travel, and stress management.

A change in work styles, from in-office to remote, has prompted an increased need for self-care at home. Consumers are focused on residential offerings that help them unwind and disconnect, such as spa-like baths and amenity-rich indoor-outdoor living areas.

How these factors influence affluent consumers will be pivotal in their home-buying decisions. 

Some of the key takeaways:

1. Wellness is central to a life well-lived: More than 90 percent of luxury homeowners say their overall personal wellness is of utmost importance and are therefore committing free time to wellness activities, transformational experiences, social bonding, and leisurely travel. This is particularly true with the rapidly growing number of millennial luxury homeowners. 

2. Home wellness is in growing demand: Wellness at home can be found, for example, with specific kitchen elements* for the management
of dietary preferences (e.g., temperature and humidity-controlled cabinets, cellar-like storage for root vegetables, apples and other fall harvest produce), meditation spaces, exercise rooms, home spas or saunas, special lighting features for sleep hygiene, air and water filtration and more.

Download the complete report: The Great Wellness Surge: Bringing the Best Life Home
 

The State of the Luxury Real Estate Market – Just Released Report

The Residential Luxury Market is poised to have a banner year as demand fuels growth at the top.

State of Luxury Real Estate Report from Luxury Portfolio International | Bahamas Realty

Luxury Portfolio International®  (LPI) has released a comprehensive, first-of-its-kind report, which delves into affluent consumer attitudes and trends across the globe.

The State of Luxury Real Estate Report revealed that of the 30 million+ households represented, more than 15.5 million will be in the market for residential real estate over the next three years.  However, the report also revealed that demand for purchase far exceeds the number of sellers in the luxury market, making it a clear seller's market. 

According to Mickey Alam Khan, president of Luxury Portfolio International®, this is a trend that will likely continue through 2021. "The ultra-luxury buyer perspective is that the current climate is getting stronger. In many markets, we see home values going up, and there is more interest in prime property,” he said.

The report details:

•             Affluent consumer attitude and behavior trends for 2021

•             Traditional Real Estate Companies vs. Disruptors

•             5 pillars in the Luxury Buyer Mindset

•             Luxury Real Estate Market Update

•             Luxury Buyer trends in Asia Pacific, North America and Europe

 

View the full report at https://resources.luxuryportfolio.com/whitepaper/  

 

More: State of the Luxury Market: The Caribbean

Bahamas Realty Director, Andrea Brownrigg was recently featured in an exclusive podcast from Luxury Portfolio International for members around the globe with an update on what's happening in high-end island markets and how COVID-19 has affected the demand for luxury properties. Click here to learn more.

 

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