2023 Witnessed 97% Surge In Luxury Home Sales, Here's What To Expect in 2024

December 22nd, 2023

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Luxury living no longer revolves solely around extravagance; it’s about embracing a lifestyle aligned with the needs and values of its residents. And the anticipated trends in 2024 reflect this evolving ethos

According to industry reports, the sale of luxury homes in India (priced at Rs. 4 crore or above) witnessed a remarkable 97 per cent increase in the first nine months of 2023 compared to the corresponding period in the previous year.

In the top seven cities of India, the number of luxury homes sold this year reached 9,200, a significant rise from the 4,700 units sold last year.

Stepping into 2024, we anticipate that the luxury housing transactions will continue its meteoric rise, driven by the thriving economy, increasing disposable incomes, a desire for elevated living standards, and a shortage of upscale residences in prominent metropolitan regions.

Luxury housing, dominated by high-net-worth individuals, is constantly evolving. The continual transformations within this sector mirror the changing lifestyles, advancements in technology, and increasing focus on wellness and well-being embraced by discerning homebuyers. Each passing year sees the luxury real estate sector record new trends poised to redefine opulence, comfort, and functionality in upscale living spaces. Some of the trends to look out for in the year ahead include:

Redefining the ideal home location
The definition of a prime location is evolving. While urban settings still have a certain allure, suburban and rural areas offering space, tranquillity, and access to nature are gaining traction. In contrast to the hustle and bustle of city life, suburban and rural settings offer residents a chance to escape the noise and congestion, creating a more serene living experience. The desire for a connection with nature and a slower pace of life is drawing buyers to these locations. The emphasis is on creating a harmonious balance between accessibility and seclusion.

Bigger homes, global design, and flexible spaces
The thriving hybrid-work culture continues to influence homebuyers, emphasising bigger and more flexible home spaces. Luxury houses are now designed with dedicated home office setups equipped with smart furniture and spaces that are adaptable from being work zones to relaxation areas, catering to work-life balance. There is also a flourishing interest in integrating international designs for a more exquisite living experience. Clean air, accessibility, superior infrastructure, and stunning views are becoming key criteria for the perfect location, transforming the luxury real estate landscape.

Sustainable homes
The evolution of customer expectations demonstrates a significant shift towards environmentally friendly and energy-efficient buildings. Today’s informed buyers are making choices based not only on aesthetics and location, but also on the sustainability credentials of properties. There is a growing inclination towards eco-conscious materials, energy-conserving appliances, and architectural designs that maximise natural light and airflow in the house. In addition, contemporary luxury recognises the importance of sustainable construction materials in reducing environmental degradation and enhancing building longevity. With the emergence of modern technology, one can utilise sustainable building materials without compromising on durability or aesthetics.

Branded residences and branded developers
Branded residences represent a fusion of opulence and identity, where the world’s most prestigious brands collaborate with developers to conceive of exclusive living and quintessentially service-driven experiences. Features include personalised concierge services, around-the-clock security, housekeeping services, in-house cinemas, private lounges, golf simulators, and wine storage.

This kind of residential offering has been on the upswing: recent industry reports have shown that the global supply of branded residences has seen a 230 per cent jump in the last decade (totalling over 580 developments worldwide). In India, with the wealth of ultra-high net worth individuals (UHNIs) having increased over the last few years, we can expect heightened interest in branded residences and the premium, turnkey, and experiential lifestyles they propose.

The wellness and well-being factor
Wellness is no longer a fleeting trend; it defines a lifestyle that luxury properties are embracing wholeheartedly. Anticipate residences boasting dedicated spa areas, serene meditation spaces, purpose-built yoga studios, and versatile indoor and outdoor fitness centres equipped with state-of-the-art exercise technology. Developers are increasingly acknowledging the significance of nurturing mental and physical well-being within the home environment. Residents are also willing to shift to a like-minded community for connections and positivity.

Privacy and security
Amid rising privacy concerns, luxury properties are integrating cutting-edge security measures. This could include facial recognition systems, advanced encryption for smart home devices, and enhanced privacy landscaping to create secluded outdoor spaces. In addition, luxury residences are designed to maximise privacy for residents, with features such as large landscaped gardens, spacious balconies, and minimal intrusion from neighbouring properties. Many luxury residences are also part of gated communities or housing complexes that have controlled access, security personnel, and surveillance systems to ensure the safety and privacy of residents.

AI-powered smart homes
The year 2024 anticipates a robust surge in AI-powered smart homes. Artificial intelligence is set to augment security systems and digital infrastructure, enabling effortless home management for residents. With a considerable portion of homebuyers being millennials, we are witnessing a greater demand for seamless integration of technology. Buyers will look for luxury homes that align with their aspirations, including tech-enabled solutions that enable ease of living at the touch of a button. Features that provide the ultimate end-user comfort and allow homeowners to have full control of their home environment, including temperature control, lighting, and security cameras, amongst others, top the list of sought-after home features.

Rise of villas or holiday homes
The demand for holiday homes, particularly villas, is on the rise as individuals seek retreats away from the urban hustle. Homebuyers now expect lavish outdoor features, including infinity pools, meticulously landscaped gardens, rooftop terraces complete with fire pits, and entertainment spaces boasting outdoor kitchens and seating areas. These amenities provide an ideal fusion of relaxation and entertainment for those investing in holiday homes or villas. Many developers are also going the extra mile by offering personalisation options to cater to individual preferences. Buyers are increasingly drawn to properties that allow for customisation, enabling them to craft distinctive spaces that mirror their personalities, ranging from home theatres to wine cellars and art galleries.

Source: timesproperty.com

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