The second installment of The State of Luxury Real Estate - SOLRE 2022 Market Survey, which has recently been released, describes the characteristics of the ideal luxury property. "The Luxury Home of Today" provides insights from the heart of the high-end property market to detail what consumers consider essential features of the modern home and lifestyle.
The study covered 20 countries, where 4,673 interviews were conducted among high-income individuals. On the basis of the obtained results, the analysts derive the main trends that characterize the modern high-class property.
The report shows that today's luxury home buyers are paying more attention to every detail of their properties, with several key features being top priorities in their choices this year. In general, the basic parameters such as - safety, comfort, ability to control, and fun are important for them. What is being observed now is the drive to integrate modern technology throughout the property so as to ensure a higher quality of living.
Buyers of the Luxury Home of Today desire a life that is playful, joyful, and satisfying. They expect that their home will reflect not only their success but that it represents their happiness and contentment in life.
The Luxury Home of Today is serving the needs of buyers who want to enjoy their life, one that they have intended to create a balance in work, leisure, relationships, and purpose. In other words, the buyers are not only financially successful people but are also artists at the game of life. The home, therefore, is expected to reflect their nature.
HAPPY, CONTENT 49%, SUCCESSFUL, ACCOMPLISHED 38%, ARTISTIC 39%, PLAYFUL 28%
SAFETY 79%, COMFORT 77%, CONTROL 76%, FUN 75%
The Luxury Home of Today will deliver on the trend of elevated outdoor experiences at home. Years of pandemic-related lockdowns have contributed to consumer desire to have more options for fun at home. Since it has not been possible to go outside in public without masking and distancing the mind, luxury homeowners are seeking an outdoor escape that is close to home.
Each home is as unique as its buyer: some desire a grassy yard, others a sprawling garden or even a small orchard on the estate. For others, the backyard is the entertainment area: a pool surrounded by a patio or terrace with a fire feature, an outdoor kitchen and bar, and the integration of modern technology.
Modern technology is a theme throughout the Luxury Home of Today. Outside, this includes energy-saving solar panels and smart home technology, and Wi-Fi that extends the conveniences of the home.
Cabana Fire features Grass/Yard, Outdoor bar Outdoor sink, Patio/Terrace, Solar panels/Smart technology Vegetable garden/Orchard
The surroundings are very important, with 59% of luxury buyers saying they must have a beautiful view. The preference is for that view to take in nature at its best: more than half of buyers want a home that looks out over mountains, forests, or at least a park as the connection with nature seems to be a very important thing.
Beautiful View Walkable/Bikeable, Co-working Space Nearby, Nightlife Schools, Shopping Short Commute
When it comes to the structure itself, buyers like a variety of styles, but the majority lean towards the Mediterranean, Tudor, and modern architecture. On the inside, the perfect home has either an eclectic, coastal, midcentury, or bohemian style in a neutral white, black and grey palette. The most important space is a family room for everyone to gather together.
MEDITERRANEAN 24%, TUDOR, 20%, MODERN 21%
ECLECTIC 25% , COASTAL 24%, MID CENTURY MODERN 23%, BOHEMIAN 23%
Modern luxury home buyers consider their environmental impact when finding a new home. Owners who have invested in solar panels and energy-efficient appliances did so because it mattered to them. They may consider it the best feature of the home. More than half are willing to pay a premium for the most in-demand features.
The Luxury Home of Today will have to go a step further than solar panels and energy-efficient appliances. Next-generation luxury homes are constructed to a higher standard, with sustainable and non-toxic materials front and center. These investments are supplemented by an ongoing desire for sustainability at home, with luxury properties having a composting area where food waste can be turned into gardening super fuel.
Composting, Non-toxic building materials, Non-toxic design materials (e.g., paint), Sustainable building materials (e.g., rescued, recovered, and renewable materials)
Before the concept came home, the idea of a building’s ability to create wellness — in quantifiable, measurable terms — first began to take hold in commercial spaces several decades ago with an initial focus on lighting.
Numerous studies found that the right light could actually boost worker productivity — blue light that mimicked daytime sun yielded positive results. The notion made sense — after all, modern humans spend 90 percent of their time indoors, a radical and relatively recent departure from the manner in which our ancestors lived.
Bio-centric lighting that aligns with human circadian rhythms has proven beneficial in other ways, too.
“Circadian rhythms are 24-hour cycles that are part of the body’s internal clock, running in the background to carry out essential functions and processes,” according to the nonprofit, Sleep Foundation. The ramping up of energy as the sun rises, followed by a period of maximum wakefulness and then a transition into a restful evening is baked into our DNA.
As our understanding of light’s impact grew, the fixtures that provided that light evolved as well, eventually yielding LED technology that was “tunable.” Those types of fixtures had been gradually making their way into residential applications prior to the arrival of the pandemic. But after COVID-19 struck and more people focused their attention on their homes, demand began to increase sharply.
Tunable LED lighting options, give the occupant of any building full control of those fixtures and bulbs. They can also be automated — even matching aspects of actual daylight in parallel with the sun with special devices. Of course, these advancements all work best when there is some kind of actual daylight in a home.
When we talk about holistic building solutions, we should start with allowing as much daylight into the structure as possible — and that is an area where automated shading solutions can come into play.
The connection to the outdoors does not stop with light alone — views of nature and its attendant sounds are part of the wellness package. There are all manners of stimuli that enrich the feeling of “home as a refuge,” and sound — whether it is the trickle of a stream or the right environmental music — can transform, say, a luxurious bathroom into a truly spa-like space.
But proper placement and calibration of the speakers and amplifiers delivering that audio are vital to that experience since many contemporary homes are full of hard, reflective surfaces that can create a harsh audio experience.
The first rule of thumb is to provide as much absorption as possible because these unwanted reflections can lead to distorted audio. Upholstered furniture, drapery, and even paintings on canvas can absorb audio waves. Diffusion is another option — using surfaces to capture and break up the audio waves.
Beyond sound, lighting, and shading, a host of other technology applications can contribute to the creation of a home that offers the chance to rest, recharge or even work in a more healthful manner. Technology, like leak detection and air and water quality monitoring and management, can certainly contribute to peace of mind. And higher the quality of life in a home.
Preserving that peace extends to security, too, and not just physical elements such as locks and surveillance. Wellness also means protecting your privacy and data when the home is connected to the Internet.
The Luxury Home of Today will be expected to deliver a profound sense of peace as buyers demand calm, tranquility, relaxation, and healthy living right at home. Three out of four luxury home buyers expect their next home to have three or more fitness and wellness amenities.
The global wellness economy reached an estimated1 USD $4.4 trillion in 2020, with wellness real estate growing 22 percent from 2019 buoyed by COVID-19-induced understanding of how the physical space that one inhabits can affect wellbeing. Luxury homes in the future will incorporate more features of personal wellness than current luxury homes.
Private, calm, or quiet spaces/ Tranquility garden, Indoor pool/Spa/Sauna/ Steam shower, Massage room, Yoga or Pilates studio, Lots of natural lights
A common thread in the Luxury Home of Today is its elevated security for the owner. Luxury buyers find it more important to manage access to the property and to have greater resilience to modern threats.
The trend is strongest among those with high concern over potential COVID-19 shutdowns leading to increased local crime. Climate change and rising rates of cybercrime also shape this defensive posture.
Monitored home security system and smart door locks – 73 %, Built-in safe and CCTV monitoring – 70%, Failsafe features for utilities, data, and Internet security -58%, On-site security/ Protected grounds -50%
The kitchen has long been considered the heart of the home — a fixture that brings together family and friends to share a meal. It has evolved from a humble, downstairs feature to an ornate amenity suited to both entertainment and daily family living.
The Luxury Home of Today doubles down on this crucial area of the home, while another significant trend is emerging: the formal dining room is, once again, important to high-end home buyers.
CROWD PLEASERS: Dedicated wet bar area + Formal dining room + Luxury-brand kitchen appliances
DOUBLE DUTY: Dual refrigerators + Dual kitchen island/breakfast bar + Separate catering or clean-up kitchen + Dual dishwashers
PROFESSIONAL SETUP: Butler pantry/storage + Commercial-grade kitchen appliances + Separate outdoor kitchen
Looked at another way, improvements in the kitchen space are largely refinements on a concept rather than wholly reimagined innovations in the space. The most in-demand feature of a new kitchen is its gadgetry — 80 percent deem this category essential. Smart devices, such as built-in coffee makers, cookers, blenders, and cocktail mixers, create distinctive images in the mind of buyers.
Smart gadgets, Smart appliances, Smart cabinetry (humidity control), Large island for preparation and seating + Eat-in kitchen, Kitchen opens to the entertaining area, Lots of natural light
The past two years have launched the digital revolution forward by a decade. More consumers are using app-based services to fetch food, beverages, and any number of packaged goods. Contactless payment is here to stay. Even automobiles are being bought online without ever visiting a showroom. This is all in addition to what Amazon.com has done to retail shopping.
Ecommerce is now estimated to account for 13 percent of the total U.S. retail sales,2 or USD $874 billion per year. Amazon’s 2021 revenue is reported as USD $242 billion in product sales,3 or 28 percent of the U.S. e-commerce market.
The Luxury Home of Today will make it easier for owners to outsource everyday chores to willing participants in the local economy. The growing at-home service is a personal chef who can design a healthy eating plan and also deliver the goods. Future buyers expect that they will have a kitchen well supplied for outside help and, in some cases, a secondary kitchen for outsourced food preparation.
Source: Luxury Portfolio International®: The “Luxury Home of Today.”
credit photo:Luxury Portfolio International®
https://www.luxuryportfolio.com/