Nine trends that will rule the luxury homes segment
Despite high home prices and the threat of the housing market implosion, the demand for home ownership remained strong and stood the test of time. The luxury homes sector saw an overall increase in sales compared to the previous year, with over 25,000 luxury homes sold in 2022 alone. Although reports suggest it will be a dull year for the American real estate market, the contrary is true for India. So, let’s look at a few trends that will rule the luxury homes segment this year.
Younger Buyers will dictate the market.
Younger buyers are increasingly dictating the terms of the luxury homes market. As more millennials enter their 30s and 40s, they are looking for different features in a home than previous generations. With rental rates reaching all-time highs, logic dictates it’s better to own the property with monthly mortgage payments for them.
Modern-day buyers are looking for large, open spaces that are conducive to entertaining, as well as modern amenities and finishes. And they’re willing to pay top dollar for properties that meet their needs. As the work-from-home and hybrid working model trend seems to be the preferred working style, these aspects have an uncompromising demand from young buyers.
This trend is having a major impact on the types of homes being built and sold in today’s market. Real estate developers in Pune are now catering to the demands of younger buyers, which means more luxury homes with high-end features and finishes will soon take over the market.
Luxury Villas and Uber Luxe Apartments will sell more.
Luxury homes are becoming more popular than ever before. In fact, research shows that luxury villas and uber-luxe apartments will continue to be in high demand in the coming years.
The country’s growing population of high-net-worth individuals (HNWIs) are willing to pay premium prices in exchange for the best quality, comfort, and amenities—a reason why 24k Stargaze Bavdhan, 24K Atria Nilakh, 24K Opula Nilakh & 24K Sereno Baner are now the preferred destination for homeowners in Pune.
The costs of traditional vacation homes, such as beach houses and ski chalets, have been rising steadily over the past few years. This has made an investment in a luxury vacation home near the city an attractive option for NRIs and HNIs over rentals. Understanding the region’s growth potential Kolte-Patil’s 24K Living is ready to launch its new project. The above-mentioned areas are Pune’s luxury residential areas with an exciting social infrastructure that is made even better by the presence of 24K projects by Kolte-Patil.
Higher HNI Investments
High net-worth individuals (HNIs) have always been a key target market for luxury home developers. In recent years, we have seen HNIs become increasingly active in the luxury homes segment, with many making significant investments.
Several factors are driving this trend:
- HNIs are becoming more aware of the potential for good returns in the luxury homes segment.
- They are increasingly looking for opportunities to invest in prime real estate that will appreciate over time.
- They are attracted to the lifestyle and amenities of owning a luxury home.
As HNIs become more active in the luxury homes segment, we expect to see some trends emerge:
- We expect more HNIs to opt for large apartments and penthouses in prime locations.
- We expect increased demand for bespoke homes offering unique features and finishes.
- We expect to see more HNIs investing in second homes and holiday homes.
The need for larger, sustainable spaces will increase.
As the world becomes increasingly populated, the need for larger, sustainable homes will continue to increase. This is especially true in metropolitan cities, where space is a premium commodity.
As the world learns the importance of sustainability post-pandemic, luxury home buyers increasingly seek spacious, comfortable, eco-friendly, and energy-efficient homes. To accommodate this trend, builders and developers are starting to create more sustainable communities with larger homes that are both comfortable and eco-friendly. These communities often include community gardens, solar panels, and rainwater harvesting systems.
If you’re looking for luxurious apartments in Pune that are both spacious and sustainable, be sure to keep an eye out for such communities to experience the best of both worlds, i.e., comfortable and sustainable living.
When it comes to luxury homes, one of the hottest trends is home offices. With more and more people working from home, the need for a dedicated space to work has never been greater. And while the home office might not be the first thing that comes to mind when you think of luxury, developers use plenty of ways to make it a stylish and functional space.
Of course, if you work remotely, you’ll need to stretch your legs and sometimes require co-working spaces to give you a change of scenery. Thus adhering to this trend, developers are building spaces with grand co-working spaces. These spaces are exclusive to luxury projects and are a necessity, with the majority of people prefer remote working.
Need for Nurturing communities.
The global luxury homes market is forecast to grow at a CAGR of 6.2% from 2019 to 2024, according to a new report by MarketsandMarkets. The report cites the growing need for “nurturing communities” as one of the key trends driving the luxury homes segment.
As the world becomes increasingly connected, there is a growing need for communities that provide a sense of belonging and connection. This is especially true for luxury home buyers, who often seek more than just a place to live – they want a community that feels like home.
Nurturing communities can take many forms, from providing on-site amenities and services to creating a sense of history and identity. For luxury home developers, creating communities that appeal to buyers’ needs and desires is essential.
One particularly relevant trend to nurturing communities is the rise of micro-communities. These small, intimate communities offer residents a sense of belonging and connection without being too large or overwhelming. Micro-communities are often created around shared interests or lifestyle choices, which can be essential to the luxury home buyers’ experience.
Serviced Apartments will be in demand.
As more and more people are moving to big cities for work, the demand for serviced apartments is rising. These apartments are convenient for those who do not want to deal with the hassle of maintaining a home, and they provide all the amenities and services that one would expect from a luxury apartment.
In addition, serviced apartments are often located in prime locations, making them a desirable option for those who want to live in a central area. With the rise in demand, prices for serviced apartments will continue to increase.
Apartments will come with Mudrooms.
Mudrooms are one of the latest trends in luxury homes and apartments. They are becoming increasingly popular due to their functionality and stylish appeal. Mudrooms provide a place for homeowners to store their muddy or wet shoes and clothing, keeping the rest of the house clean. This trend is prevalent among families with young children, as it helps to keep mud and dirt out of the house. Luxury homes and apartments with mudrooms often have them near the home’s entrance, making them convenient for homeowners.
Wellness Qualities will become mandatory.
A move towards making wellness amenities mandatory for luxury homes is expected to take over the country. Two main factors will be driving this trend. First, an increase in awareness of health and well-being. People are increasingly looking for ways to ensure that their homes are conducive to a healthy lifestyle, so they are willing to pay for features to help them achieve this.
Second, a growing body of evidence suggests that homes with better indoor air quality, natural light, ventilation systems and other wellness features can positively impact people’s health. This is especially true for those who suffer from conditions like allergies or asthma.
As a result of these trends, we expect to see more luxury homes being designed with wellness in mind. This could include features such as:
- Indoor air purification systems
- Lots of natural light
- Healthy building materials
- Access to outdoor space
- Smart home technology
- Open Landscape
- Natural & Artificial Ventilation Systems
The luxury home segment is a continually evolving market, and it is vital to be aware of the ongoing trends to stay ahead of the game. We have highlighted some of the hottest trends for 2023 that will impact luxury homes worldwide, including smart technology, modern designs, outdoor spaces, and sustainability. With these trends at the forefront, developers are expected to create a luxurious and stylish home that will serve you well for years without compromising on your comfort or standards.