Changes in consumer preferences, improved economic outlook and growth of high-net worth individuals (HNIs) are driving the demand for luxury homes in India. Top corporate executives, businessmen and start-up founders, whose assets have grown rapidly over the past two years, are looking to move to bigger and better quality homes.
The COVID-19 epidemic has changed the way buyers visit. It has established homes as the safest haven, emphasizing more on a luxurious abode, expanding to spend the day. After returning from work all day, buyers want their home to be used as office, school, recreation area, gym, etc.
Home buyers are looking for quieter spaces, where calmer colors, softer fabrics are used, more natural light and outdoor space. A quiet environment at home has become essential to escape from outside chaos. Remote work has changed the way we visit homes. Homeowners want an upgrade to home offices Instead of working from a room with just a cheap desk, shoppers want a large office space with high quality desks, chairs and storage space.
Another change that buyers want in their home is a private outdoor space. From the backyard to the porch, there is a demand for outdoor spaces with greenery. Homeowners are adding more balconies, balconies and swimming pools so they can have a place to rest and get some fresh air.
From first-time buyers to those looking for upgrades, luxury properties are on the radar of all potential buyers. In the luxury property market, there is growing interest in buying from both the rich and the upper-middle class. Luxury markets are generally independent of market dynamics. Buyers are likely to call everyone who looks appropriate, if there are only a few. They are not buying because prices have dropped or there are many luxury home options.
This explains the growing demand for luxury homes during epidemics. Wealthy people had more money to spend but due to holidays and other luxury activities stuck, many decided to invest in luxury real estate. The rich have either upgraded to a better home or bought a second home. What many miss is that market dynamics does not determine the value of a luxury property alone.
The demand for luxury homes is not driven by price. Luxury homes with very distinctive features, unique features and high price tag. They usually live in a prime location with high class footage area, luxurious amenities and offer plenty of green or beautiful views. The size of the property, the location, the materials used and the reputation of the project management company determine the price of a luxury home. It is no exaggeration to say that luxury homes are always available at a premium price.
For buyers looking to buy a luxury home, there is no better time than now. The price of a luxury home will always be the same regardless of the fluctuations in demand. The best time to buy is when you want a luxurious home.
(Abhishek (Andy) by Andley, founder of Andley Estate)