If on the one hand home buyers are looking to buy luxury properties replete with all amenities, they are also looking to integrate global design and décor exposure into their homes for a more exquisite experience.
Since the advent of COVID-19, the real estate market has been witnessing crests and troughs. The demand for, both rental and owned, underwent a steep downward trend owing to work from home. However, as the sun begins to rise again, the real estate segment is once again witnessing a shift – shift from affordable housing towards luxury housing. With work places opening up, work force is approaching with caution which is getting reflected on home spaces – larger spaces which are conducive for both work and leisure. According to a study by Anarock, 18% of the total units sold in the top seven cities in 2022 fall into the luxury category, compared to just 7% in 2019.
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If on the one hand home buyers are looking to buy luxury properties replete with all amenities, they are also looking to integrate global design and décor exposure into their homes for a more exquisite experience. Home buyers are seeking the perfect location with clean air, good accessibility, best-in-class infrastructure, breathtaking views, thereby transforming the landscape of luxury real estate market.
Consumer preferences and technology have had a massive role to play in the real estate market evolving into a luxury segment, globally. In India too the situation isn’t any different. According to CBRE South Asia Pvt Ltd’s report, ‘India Market Monitor Q1 2023’, the luxury residential witnessed a whopping 151% YoY sales increase during the first quarter of 2023. Sales of high-end units in Delhi-NCR alone surged by an astounding 216%. Hyderabad topped the list with an approximate 800% increase. Global exposure to international real estate trends and architectural designs too have paved the way for the rise of luxury real estate segment.
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International architectural design is slated to play a big role in bringing about a paradigm shift in the real estate sector and the outlook of home buyers and the leaning towards luxury and ultra-luxury homes. However, Architectural marvel is not just restricted to design of homes, but also in blending natural, environmental elements and cutting-edge technology into homes and designs. Home buyers today are more environmentally conscious and look for sustainable homes like green roofs, energy-efficient systems and smart home automation. These features mirror the needs and wants of the ultra-modern discerning home buyers.
Privacy and security have always been of paramount importance among home buyers, more so among luxury home buyers. High net worth individuals are seeking not only physical security but also digital security in their homes and surroundings which has led to an increased demand for gated communities, state-of-the-art security systems and reliable digital infrastructure. This demand from home buyers has led to developers in turn investing heavily in security systems which automatically increases the luxury quotient of homes.
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Talking of technology, the integration of Artificial Intelligence into security systems and digital infrastructure is further upping the demand for luxury residences. Typically, high-end homes will feature AI-powered personal assistants, advanced security systems, energy- efficient solutions that adapt to residents’ personal tastes and preferences.
Another striking feature which differentiates a normal home seeker and a luxury home seeker is the amenities and the sophistication in it. Today’s home buyers are looking at having amenities beyond the normal like swimming pool, club house, gym, etc, While luxury home seekers are looking at having all of these, they are looking at homes that offer bespoke experiences like private spas, home theatres, exclusive wellness facilities and the likes.
Post COVID-19, free and open spaces, greenery with ample breathing space offering a more tranquil environment away from noise, pollution and the hustle and bustle of the city are the ask today with all the above amenities thrown in pushing the envelope for luxury and ultra-luxury homes.
If these trends are anything to go by coupled with disposable incomes continuing to go northwards and the number of high-net-worth individuals continuing to grow, these could well be the trend to look out for in 2024 too.
