The luxury property market has gone through a number of changes over the past decade, including changes in pricing, design trends, and buyer demographics.
Here are some ways that luxury properties have changed over the past 10 years:
1) Increased demand for luxury amenities:
In recent years, luxury buyers have increasingly been looking for properties that offer high-end amenities like smart home technology, home theaters, and luxury indoor/outdoor spaces.
2) More focus on sustainability:
In response to growing concerns about climate change, many luxury properties now feature sustainable design elements like energy-efficient appliances, solar panels, and green roofs.
3) Emphasis on wellness:
The luxury market has also seen a growing emphasis on wellness amenities, such as home gyms, spas, and meditation rooms. Health is a focus for a large part of the population after covid and so maintaining a healthy lifestyle has become a part of everyday life for most people.
4) Changing buyer demographics:
Over the past decade, the luxury property market has seen a shift in buyer demographics, with younger buyers becoming more active in the luxury market. This has led to a focus on properties that offer a more modern, minimalist aesthetic rather than a grandiose overdone decor.
5) Rising prices:
Luxury property prices have continued to rise over the past decade. This has been driven by a combination of factors, including increasing demand, limited supply, and global economic growth.
6) Shift towards mixed-use developments:
In response to growing demand for convenience and accessibility, many luxury developments are now being designed as mixed-use projects, with high-end residential units located alongside retail, office, and entertainment spaces.
These are just a few of the ways that luxury properties have changed over the past decade. As the market continues to evolve, we can expect to see new trends and innovations emerge to meet the changing needs of luxury buyers.
As always, if you need help buying or selling a luxury property do not hesitate to contact Gregg Bamford or Ryan Bamford.