Thursday, March 23, 2023

Luxury Home Buyers Want Sustainability as a Focus, ‘Not An Afterthought’, New Report Finds


In the first composite of its kind, Luxury Portfolio International has created a rendering of what the ideal luxury home of modernity looks like—and it’s as eco as it is cushy.

Using data from prime property buyers in more than 20 countries, Luxury Portfolio International, the world’s premier network of luxury residential real estate brokerages, says it has identified seven major priorities for luxury home buyers currently driving sales.

According to the findings, the covid pandemic has greatly impacted what buyers look for when buying a home. The top two key interests were a residence that evokes a “joyful” and satisfying life as well as ample outdoor space. But sustainability is also now synonymous with luxury, as eco amenities and considerations are a core consideration.

The luxury home of the future

“Luxury consumers now prefer to have their homes represent happiness and contentment in life. The home of the future—and that of today, for that matter—has been reimagined to balance work, leisure, relationships, and purpose,” says LPI.

“Key attributes, depending on location, include beautiful views, walkability, short commutes, and access to nightlife.”

Sustainable home decor houseplants
Courtesy Laura Lauch | Unsplash

The pandemic’s impact is long-lasting, with a focus on emphasizing unique and fun options at home.

Residences must therefore be as unique as their buyers,” LPI says. “Some of those polled would like a sprawling garden or even a small orchard on the estate. For others, the backyard is the entertainment area: a pool surrounded by a patio or terrace with a fire feature, outdoor kitchen and bar, and the integration of modern technology.”

But third on the list was sustainability as a focus, “not an afterthought.”

On the horizon, we see sustainable amenities and features as a driving force in property distinction. We are beyond the critical mass required for the continuation of the trend, and certainly this aspect of the
Luxury Home of Today is central, and not peripheral,” Mickey Alam Khan, LPI’s President writes in the report.

The report drew a new picture of the needs and requests of high-net-worth buyers. The resulting rendering was designed via CGI by the Slovak-based Visual Studio.

According to the findings, more than half of homebuyers surveyed said they are willing to pay a premium for the most in-demand sustainability features.

Modern luxury buyers

“Modern luxury home buyers consider their environmental impact when finding a new home,” reads the report. “Owners who have invested in solar panels and energy-efficient appliances did so because it mattered to them. They may consider it the best feature of the home.”

But the report says modern luxury homes have to go “a step further” than solar panels or energy-efficient appliances.

15 Years of ESG Efforts Put LG On the Dow Jones Sustainability World Index
Courtesy LG

“Next-generation luxury homes are constructed to a higher standard, with sustainable and non-toxic
materials front and center. These investments are supplemented by an ongoing desire for sustainability at home, with luxury properties having a composting area where food waste can be turned into gardening super fuel.”

Homebuyers are also prioritizing wellness at home, with essential features and accompanying amenities in demand including tranquility gardens, indoor pools, saunas, and steam showers as well as massage rooms, yoga or Pilates studios, and an abundance of natural light.

Other key components include smart devices in the kitchen such as built-in coffee makers, cookers, and other appliances. Homebuyers also want ease for bringing in personal chefs and kitchens that can accommodate entertaining and contactless buying.

“These individuals are not only financially successful, but they are artists at the game of life,” says LPI. “The home, therefore, is expected to reflect their playful nature.”

tesla energy
Courtesy Panther National

The report builds on the growing sustainable home trend. Earlier this year Swiss entrepreneur Dominick Senn announced Panther National, the sustainable golf community with a course designed by PGA legend Jack Nicklaus and up-and-comer Justin Thomas. That community will see sustainable design throughout the homes as well as power provided by Tesla Energy.

A new equity club coming to the Bahamas, Club Ki’ama, aims to be the first sustainable, zero carbon luxury residence of its kind.

“Club Ki’ama represents the future for sustainable residential and resort development,” Steve Dering, EcoIsland Development partner, said in a statement.

“It’s incumbent on us to protect Elizabeth Island’s ecologically sensitive environment while thoughtfully creating comfortable spaces where our owners and their guests can enjoy the best of the Bahamas. Our equity club provides abundant owner use while consuming less land with fewer homes and adds an incredible yacht experience. We’re hopeful that our first-of-its-kind club and community will set the standard for eco-conscious development around the world.” 


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