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OPINION

Wellness Lifestyle Real Estate: Responding To The Needs Of Today’s Luxury Buyer

Wellness Lifestyle Real Estate: Responding To The Needs Of Today’s Luxury Buyer

Luxury real estate always has been, and continues to be, a reliable long-term investment for HNWI. However, the type of property that HNWI buyers are looking for today highlights an emerging trend that is gaining significant momentum: wellness as the new luxury.

The specific trend, known as ‘wellness lifestyle real estate’, is defined as the development of properties that actively enhance and support the wellbeing needs and holistic health of their residents. The intrinsic idea behind this concept is that consumers are seeking healthy environments with high air and water quality, minimized noise pollution, access to green spaces and wellness amenities. Simply put, residents are looking for assets that enable them to enjoy the most healthy and active lifestyle possible.

While this new trend for properties promoting spiritual, mental, and physical health became apparent a few years ago, it has now become stronger than ever during the Covid-19 pandemic. Ongoing lockdowns and stay-at-home restrictions have led to a frenzy in demand for properties that ensure the perfect balance between work and leisure, and an increased need for the purchase of a second home for safety purposes, as a comfortable place to quarantine, and even, medical tourism (The Wealth Report Attitudes Survey, Knight Frank, March 2020).

Moreover, according to YouGov Affluent Perspective in 2019, 75% of buyers believe that now is a good time to purchase a luxury second home, while the wish list of what they are looking for is likely to be adapting to these Covid times. Luxury buyers note that the pandemic has not influenced whether they should buy, but rather, what to buy. This reinforces the idea that HNWI are seeking quality, recreational properties to enhance their property portfolio and upgrade their standard of living.

The YouGov Affluent Perspective 2019 highlights that 95% of buyers believe that home design has a significant impact on health and wellbeing, playing a dual role as personal sanctuary and gathering space. As affluent consumers begin to live with wellness in mind, 96% of HNWI take at least one aspect of wellness seriously as part of their daily routine. As it becomes increasingly apparent that modern day investors are looking for residential assets that offer more than just luxury, they appear to be willing to pay 10% to 25% premiums for homes in wellness developments at the middle and upper end of the market (The Global Wellness Institute). As such, property developers are required to shift their focus to design properties that offer amenities that encourage and promote a healthy lifestyle.

At Allea Group, we have been meticulously monitoring and responding to the ‘wellness lifestyle real estate’ trend for quite a while, placing residents’ wellness at the core of our philosophy. A prime example of ‘wellness lifestyle real estate’ is our renowned St. Lambrecht Mountain Resort, Austria; an innovative green project that combines luxury and wellness with minimal architectural design. The resort has been built at the base of the Grebenzen ski slopes, offering residents and guests the ability to engage in state-of-the-art-sports, outdoor activities – such as golfing, biking, hiking, paragliding, and parasailing – and the chance to experience a unique natural environment through nature walks, impressive waterfalls and other natural phenomena offering relaxation while promoting the wellbeing of residents and visitors.

With personal health and wellness linked to our external environment, Allea Group strives to build properties and wellness communities that embrace and encourage outdoor pursuits, sports and recreational activities, improving spiritual balance and promoting the feeling of serenity. To this purpose, development locations are carefully selected, while great attention is placed on the luxurious services provided, such as spa facilities and exercise areas.

Our award-winning development, AM WERDERTOR in Vienna, Austria, is also exemplary, having enabled us to become the first developer on the conservative premium housing market in Vienna’s first district to build a luxury wellbeing clubhouse. Here, residents can enjoy luxurious historic apartments made from environmentally friendly materials, with elegant touches, but also, private infrastructure which enables them to improve and advance their personal health and the health of their families. The project includes a ‘residents only’ area with pools both for adults and minors, as well as Finnish sauna, a Turkish hammam, and a high-tech gym – all at arm's length.

Our upcoming flagship project, a 10-hectare family resort, built on a Blue Flag beach in Limassol, has been specifically designed to promote the holistic health of its residents. The project will include the first Hyatt Hotel in Cyprus –Grand Hyatt Limassol – offering guests and residents a wide variety of sports and wellness amenities in five-star facilities, promoting the principles and the essence of a ‘wellness lifestyle real estate’. More specifically, Grand Hyatt Limassol will offer 3,000 sqm of spa and fitness facilities managed by renowned operator, World Class Black. The resort’s fitness areas have been masterfully designed to become the leading exercise facility on the island, offering an impressive space with numerous studios for a variety of activities, a lap size indoor swimming pool and personal training with the latest equipment. All this, accentuated by unique hotel sea views, offer guests the chance to immerse themselves in the true meaning of wellness in the Mediterranean.

‘Wellness lifestyle real estate’ may be a relatively new industry, but the numbers indicate that it is here to stay, and its establishment as the new normal is imminent.  The need for wellness has provided us with a new goal, and we have succeeded in harnessing this opportunity, creating unique projects that offer clients exactly what they need. It is my personal aspiration that our wellness journey will inspire fellow property development companies to follow our lead towards a healthy, holistic, and green future.

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