Buyers of luxury homes are seeking properties that not only exude opulence but also align with sustainability and responsible living. We hear from experts across the region on the trends and features that top customers’ wishlists
Commenting on the need for sustainable housing, American architect Michael Reynolds famously proclaimed: “This is not a moral issue, it’s not a spiritual issue, it’s not a political issue, it is a logical issue.” Reynolds is credited with building the first fully sustainable modern homes in the 1970s; dubbed “Earthships”, these off-grid, passive solar houses are made of both natural and recycled materials.
Sustainability in architecture is not a new concept, as creating functional, aesthetically pleasing and liveable spaces for individuals and communities that will stand the test of time is the very definition of good design. In recent years, this sentiment has also started to permeate consumer preferences, accelerating the integration of eco-friendly principles into mainstream architecture.
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One of the most significant reasons for this shift in buyer preferences was the Covid-19 pandemic, says Micah Tamthai, chief operating officer of lifestyle and real estate at Minor International. As a result of the lockdowns and thus more time spent at home, consumers became more aware of sustainability and the impact of their actions on the environment. “This has translated into a desire for balance in lifestyle, health, wellness and well-being, and sustainable living,” he says.
As much as we see the emergence of a conscious customer, it is not all about sustainability, but rather a new definition of the concept of luxury among high-net-worth (HNW) investors, says Johannes Weissenbaeck, chief executive officer of Oxo Group Indonesia. He terms them “neo-luxury investors”. “One of the key features of this mindset is its departure from traditional notions of luxury, which often involve material possessions and status symbols,” he explains. “Instead, the neo-luxury lifestyle places more emphasis on experiences, meaning, and personal fulfilment.”
In that respect, location, accessibility and luxury amenities remain imperative for HNW buyers, but their expectations and definitions of these parameters have markedly evolved.
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