A new report by Luxury Portfolio International reveals five behaviours that are driving property purchases in 2021 amongst Luxury Buyers.
Work, Live, Play at Home
62% of Luxury Buyers wish to Work, Live, Play at Home. 75% actively plan this.
The top trend is the shift in time spent inside the home as it’s repurposed for working, learning, living and playing.
Freedom of Movement
61% of Luxury Buyers are Likely to Buy International Property. 76% are interested in having Dual-Citizenship.
Travel remains a passion, with demand for this growing over lockdowns. Holidays ignite second home purchases, and freedom of movement is aided by dual-citizenships. Buyers in developing-economies showing greater interest in golden passports.
65% of Luxury Buyers want to be more Self-Reliant. 79% want to increase Personal Security.
Luxury Buyers want more rooms for live-in help, great internet connection, games rooms and local shopping centres to facilitate self-reliance. They want to improve home security and control their physical environment.
84% of Luxury Buyers want more Fun Things to do at Home.
Embracing spontaneity is borne out of lockdowns with increased desire for delightful surprises, fun at home and breaking out of the rut. Plus, greater need for physical activity (sports, being outdoors), entertainment (video games, streaming media), and enjoying art and luxury brands.
82% of Luxury Buyers are Confident in Household Financial Strength. 67% say Long-Term Economic Security is a concern.
Luxury Buyers are confident about financial strength, yet 67% agree long-term financial security is a concern with tax planning or shifting a base of operation to tax-friendly nations being considered.
“It is clear the home must meet more needs in 2021. The must-have list is longer than ever. This represents strong potential for luxury estate agents and ancillary markets,” said Mickey Alam Khan, president of Luxury Portfolio International®
Editors Notes: State of Luxury Real Estate study focused on consumers in the top 1%-5% income bracket of 17 countries, representing more than 30 million households. It was commissioned by Luxury Portfolio International® (LPI), the luxury marketing division of Leading Real Estate Companies of the World®, the largest global network of leading residential estate agencies.
Luxury Buyers are defined as affluent consumers likely to purchase residential property in the next 3 years, with an estimated value of USD $1 million plus.