How Has Covid 19 Impacted Luxury Housing?

Luxury is a state of mind.

LWren Scott

Lavish residences gained popularity only in recent times as they offer more open spaces and green surroundings. This paradigm shift has been an aiding factor for the luxury housing segment. According to Forbes, in 2021 India boasts about 237 billionaires.

Additionally, with almost 7 lakh millionaires, India stands third in the world. Naturally, consistent demand for luxury housing is predictable.

Definition of Luxury Homes

Luxury homes are defined differently by different people and with different contexts. What makes luxury homes are their features – be it interior, exterior, or amenities. 

Luxurious homes are subjective in their definition!

Different people and places define it differently, and even the definition varies over time! Before 15 years, the definition of luxury was just an apartment with newer amenities.

Few developers even market that as ‘luxury’, in reality, they are not! Although that is not the scope of the discussion here. We’ll talk about it some other time. 

Returning to the topic,

The definition of a luxury apartment, “The luxury apartment is a type of apartment that is intended to provide a higher-than-average level of quality, comfort, and amenities.”

Although luxury homes are expensive, people continue to buy them. Is it because they have too much money in hand or they want a good life? Let’s find out why people are buying luxury homes. 

Let me disclose this before explaining that Indian luxury home buyers have sound reasons for choosing luxury homes rather than normal ones.

Let’s Now Examine the Reasons Why People Buy Luxury Homes

Having a lavish and luxurious home is a matter of pride, and why not? After all, owners have bought these luxury homes with lots of hard-earned money. Luxury homes provide an ample amount of modern comforts.

Other than this more reasons include Security, Technological innovation/enablement, Better neighbours, Returns on Investment, etc.

The outline of that blog is as below,

1. They are located in a prime location 
2. High quality and easier to rent out 
3. Safety
4. Various materials
5. Lower Maintenance

Reasons Why Luxury Homes Will Remain in Demand in Future

The luxury segment has always been a growing industry; it is considered as one of the safest and lucrative in present economic conditions. The lockdowns and uncertainty of the economic condition have not impacted the luxury housing demand.

There are many reasons for the lower impact of the pandemic on luxury housing. Below are some of the reasons why the demand of the luxury segment remains constant and even the demand will witness a consistent rise in the future.

• Aspirations of the young generation
• Changing ways of life
• Better amenities
• Privacy and security
• Returns on investment are lucrative

How Covid 19 Has Impacted the Luxury Homes Segment?

While the wealthy will continue to invest in the property market, developers would have to be prepared for a paradigm shift in consumer choices and behavior. 

During these uncertain times, people have been seeking comfort as well as a stable asset from an investment view. With a paradigm shift in the working & living style, there has been a robust demand for luxury properties that can serve as live-work spaces and resort-like living experiences, which has got the attention of the real estate developers.

The main factor that will help to deliver a luxurious stay in the future is not only luxurious amenities, but also, the special focus on home automation, thoughtfully designed spaces, and modern technology.

Author

Luxurious housing is likely to be driven by the concept of sustainability. Buyers want to live in the middle of the green oasis with a good connection with civic amenities. People want to buy homes with amenities that emphasize holistic health.

There is no doubt that as buyers are gravitating towards more sustainable and comfortable apartments to support the well-being of the family, the developers are also repositioning themselves to embrace this transformation.

On a Final Note

Despite the uncertain situation of the economy and the risk of the third COVID-19 wave, people are investing in luxury properties. However, the intention of the investment in these properties has changed. People are now driven by the need to take care of their health.

The luxury housing segment might undergo a paradigm shift as a result of this development. This will revive this segment and turn your dream of owning a luxury home into reality! 

Staying informed and discussing with experienced & experts while making a decision is an ideal way of making a great deal. All you have to do is contact Roodland, which provides the best real estate services. For any queries and suggestions regarding capitalizing on student housing, contact us at info@roodland.com and discuss all of your options with us!

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