Since the onset of COVID-19, the real estate market has experienced fluctuations. Both rental and owned properties saw a decline due to remote work. But as things improve, a shift toward luxury housing is evident. With workplaces reopening cautiously, homebuyers seek larger, versatile spaces suitable for work and leisure. Anarock's study notes a surge in luxury property sales, rising from 7% in 2019 to 18% in 2022 across the top seven cities.
Buyers aim for luxurious amenities and global design influences, reshaping the luxury real estate landscape. Clean air, accessibility, top-notch infrastructure, and stunning views define sought-after locations. Consumer preferences and tech advancements globally drive this shift, notably witnessed in India. CBRE's report highlights a staggering 151% YoY sales increase in luxury residential units during Q1 2023, with Delhi-NCR soaring by 216% and Hyderabad by approximately 800%.
International architectural trends heavily influence the rise of luxury real estate, emphasizing blending natural elements, cutting-edge tech, and sustainability. Environmentally conscious buyers seek features like green roofs, energy efficiency, and smart home systems.
Privacy and security rank high for luxury buyers, leading to increased demand for gated communities and advanced security measures. AI integration further elevates demand, offering personalized solutions and security systems tailored to residents’ preferences.
Luxury homes now extend beyond traditional amenities like pools and gyms, focusing on bespoke experiences—private spas, home theaters, and exclusive wellness facilities.
Post-COVID, the demand leans toward spacious, green areas offering tranquility amidst city chaos. With rising disposable incomes and a growing number of high-net-worth individuals, these trends might shape the 2024 luxury real estate landscape.
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