Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

The Hottest Features The Rich Are Craving For Their Next Home

The Hottest Features The Rich Are Craving For Their Next Home

Space is the No. 1 priority for real estate hunters in the pandemic era at every level of the market. But for the rich, that means far more than just another bedroom.

Space is the No. 1 priority for real estate hunters in the pandemic era at every level of the market. But for the rich, that means far more than just another bedroom.

Championship-sized tennis courts (not necessarily for playing tennis), a penthouse bedroom that doubles as a garden and Instagram-worthy wine cellars are just a few of the features real estate agents say the well-heeled are craving.

And even as the vaccine rollout gathers pace, experts aren't expecting the desire at the top end of the market for a more resort-like experience to ebb anytime soon.

"Covid has made people reassess the life they want to lead," said Michelle Ciesielski, head of residential research at Knight Frank Australia. "This isn't going away."

Here's a rundown of what's hot right now in the high-end world:

Swimming Pools


Sipping a martini by the pool has always been a mark of the good life. And during the pandemic, its allure has only increased, at least for those who are wealthy enough to afford a swimming pool in their backyard.

From 2015 through to the first three months of 2020 (before everyone knew what Covid-19 meant), about 26% of homes sold each quarter in Greenwich, Connecticut - one of the richest places in the U.S. - had a pool. In the last 12 months, that's jumped to an average of 35% of all sales in a quarter, according to Jonathan Miller, president of appraisal firm Miller Samuel Inc.

"Pools have definitely been a tremendous driver," said Jason Friedman, who is with Daniel Gale Sotheby's International Realty and specializes in the gilded north shore of Long Island, New York. People who escaped to the area from the city to rent earlier in the pandemic may now be buying, and private amenities, including of the aquatic sort, are pull factors, he said.

Tent-Ready Tennis Courts

In sunny Australia, where pools have long been essential for the rich, it's championship-sized tennis courts that are now attracting buyers.

In 2020, super-prime properties with tennis courts sold on average for 22% more than their court-less peers, according to Knight Frank research.

All that demand is not necessarily being driven by a desire to stay fit or a passion for the sport, though.

"It's a great space for kids to play and to put a marquee in the future for 21st and 40th birthdays," said Adam Ross, who specializes in Sydney luxury sales for Knight Frank. "It's a future-proof investment."

'Indoor-Outdoor' Rooms

It's not only the actual outdoors that have become more important for wealthy house hunters.

Anna Czarnowska of Morpheus London, a high-end residential and hospitality design firm, says demand is rising for indoor spaces that have an outdoorsy vibe.

The most common request during lockdown was for multifunctional space and "biophilic designs" - an approach that attempts to incorporate nature into the built environment, according to Czarnowska. Her team used such principles when building a garden room for a penthouse at Chelsea Waterfront in London. They see the trend continuing beyond the pandemic.

"Even if we are going to go back to normal, I think the fear of these things happening again will remain with us for a long time," Czarnowska said. "So everybody would like to have a home that is multifunctional."

Rickesh Patel, design director at Morpheus, says he is also continuing to see clients ask for such "indoor-outdoor" spaces, particularly in London where garden space comes at a premium. High-end buyers, he says, have been willing to make sacrifices for that outdoorsy vibe. One client who wanted to maximize light coming in from the outside was willing to lose around 150,000 pounds ($206,600) worth of square footage to make space for a big light shaft, Patel said.

All the Toys

With so much more time at home, what's inside has grown in importance. At the practical level, that means his-and-her studies (not just sinks) are increasingly in demand, says Harri Williams-Jones, a super-prime residential development consultant for Savills London.

It doesn't stop there. Wealthy shoppers are also seeking amenities such as gaming facilities in cinema rooms for teenagers and private spas.

"The pandemic has just catalyzed the trends that were already emerging ," said Williams-Jones. "It's not necessarily an absolute paradigm shift, but it's just put more of a focus on people's lifestyles."

And don't forget wine. Far from being something you tuck away in the cupboard, it's now a chance to make an architectural statement with a glamorous room.

Multi-Generational Living

For the ultra-wealthy, having their near and dear close is now worth paying extra for. That means houses big enough to hold parents, grandparents and children - as well as staff quarters - in addition to all the other luxury toys and outdoor space.

Downton Abbey-like country houses - many of which have sat on the market for years - are suddenly a lot more popular. Last year, for instance, wealthy buyers triggered a 1,900% sales surge in British country estates, which have more than enough room for all sides of the family.

"Covid was really the catalyst for it, an excuse to gather together the whole big extended family and go somewhere amazing," said David Forbes, chairman of the Savills Private Office.

Island Paradise

At the start of the pandemic, there was talk of a boom in Caribbean private islands where the ultra rich could sit out Covid by the beach.

A similar trend is now playing out among the merely wealthy. In Hong Kong, top-end agents report that buyers who previously wouldn't have dreamed of looking far from Central, the main business district, are starting to hunt for tranquility.

Will Robertson, executive director of Nest Property, says that particularly for those renting, the more serene areas in the city - such as Clearwater Bay or Sai Kung in the New Territories - are growing in appeal.

As well as being one of the few areas in Hong Kong where you can buy a freestanding home rather than an apartment, it feels a world away from the busy city center.

"The accessibility of beaches and hikes often takes greater significance with residents increasingly more concerned about their health and living environment," Robertson said. "These areas can offer lower-density living."

The other benefit is the price. In the past two months, the most expensive house sold in the Mid-Levels neighborhood went for HK$136,000 ($17,500) per square foot, while the highest price recorded in the New Territories was just HK$39,000 per square foot, according to data provided by Nest Property.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
×