The Institute’s Luxury Market Report is your guide to an analysis on the trends and comparative data on the top-residential markets throughout Canada and the United States.
This month’s reports looks at the changing face of luxury in the real estate market.
The affluent are now invested in purchasing discreet wealth. Their preferences are transferring to intangible items such as wellness and eco-friendly products and services, rather than luxury brand names. Large estates and mega mansions are also no longer the focus. The younger generation, especially Millennials, are shying away from this type of home ownership.
Real Estate Developers have also recognized this shift, which is greatly influenced by the affluent’s growing trend for diversifying their property portfolio.
The affluent are now looking for multiple homes in various locations. That offer them a multitude of different lifestyle opportunities and experiences. One ‘must’ is the inclusion of eco-friendly fixtures and fittings that enhance their well-being.
Take a look at a few luxury developments currently, or soon to be, entering the market and how they are meeting this new demand. It should also be noted that these are not limited to existing luxury markets, but rather are popping up in some unexpected locales. Note the quality and quantity of wellness aspects, in-house amenities, walkability and surrounding environment.
The changing face of the real estate industry now fully recognizes the importance of including amenities that address the physical, social and mental/emotional/spiritual dimensions of its residents.
The affluent’s influence in this arena will ensure that the rest of the market will ultimately benefit, as the costs become more affordable.
Keeping up with the trends and shifting buyer interests are just some of the ways to understand how to maximize the opportunity of the luxury real estate market.
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