POST-COVID living & shifting needs
Pandemics have shaped attitudes in society and cities around the world over the last century and COVID-19 is proving to be no exception. Inevitably, it is also changing perceptions of space in luxury real estate and the way we live.
But are these changes temporary, or are they a glimpse into a more permanent way of life? This article examines key aspects of how 21st century post-pandemic living is evolving to meet the changing requirements of homeowners.
Room to breathe
When global economies reopen the luxury market will look different and indeed enhanced, the degree varying greatly according to market and location. However, one common thread is how COVID-19 is shifting consumers’ focus firmly onto well-being: health, hygiene, safety and our relationship with nature.
Many pundits are acknowledging that POST-COVID homebuyers have a different set of priorities, not only in terms of location but in particular concerning health, socialising and technology, all driven by the need for minimal contact living with social distancing, and seeing how these can be incorporated within their living and working environments to protect (and indeed augment) their wellbeing. Buyer sentiments are tending to revolve around three prime concerns:
■ Family and work/life rebalancing and the need to secure more space for everyone.
■ Deeper respect of nature and a desire for a cleaner, more environmentally aware way of living.
■ Attitudes to food, exercise and physical and mental wellbeing will improve.
A trend has quickly emerged in established global markets; demand in densely populated locations is down, while demand for larger suburban and rural properties has soared. In the USA, survey data suggests that almost one-third of Americans are considering a move to less populous areas and bigger homes, whilst in the UK estate agents and real estate portals report a surge in homebuyers planning to move out of the city into suburban or rural areas, or to smaller towns for the same objectives.
“Being cooped up may lead people to want to move elsewhere and see green when they look out of their windows,” comments Phil Kaminowitz, a New York real estate marketing specialist, “and when economies reopen and social distancing changes, people will want to live in spots that are comfortable if there is another stay-at-home order.”
But this certainly does not mean the decline of urban living, as everyone looks to live more remotely. For many, the ideal home is probably somewhere in between rural and city living — homes that offer convenient access to offices, schools, restaurants, community and culture, but still provide access to private outdoor areas and allow ‘space to breathe’. Arun Pathak, MD of Welcomhotels Lanka that is developing Colombo’s most prestigious luxury residences, agrees that the best option is to have luxury of space in an urban environment. This may not be possible for everyone due to the costs but the elite still prefer to live in an urban environment but with large spaces that have all the conveniences attached.
“It is a fine balance. City and town dwellers want to safeguard their wellbeing and privacy, but they still need to be able to work, play and socialise in secure environments. As such, standalone gated residential communities in good urban locations like Sapphire Residences that offer large living spaces, not only in terms of square feet but indeed cubic feet, while retaining convenient access to exclusive business, leisure and wellbeing facilities, are seeing a resurgence in interest because very few luxury residential options can tick all these boxes.”
Rethinking amenities
Traditionally, buyers of luxury homes go down a ‘laundry list’ of product features, specifications, and amenities – the ‘tangible elements that are designed to enhance the living experience. Developers continually raised the bar to offer more facilities than their competitors.
“The pandemic has shifted how people think about their homes and what they want out of them,” comments Phil Kaminowitz. “We don’t know how long these changes will last, but it is certainly possible that they won’t change back when economies reopen.”
It isn’t only about homeowners seeking a healthier and safer environment for their families, explains international real estate marketing expert Chris Graham, but rather a recognition that the way we will live POST-COVID is changing; home working, home entertainment, home fitness and even home schooling are probably here to stay.“many global developers agree that living spaces are likely to expand, so we can expect a shift from smaller units in large developments to larger family friendly units in smaller and more exclusive developments. The desire for spacious living areas will allow all the family to co-exist comfortably and harmoniously, with individual spaces and privacy counterbalanced by easy access to uncrowded leisure facilities.”
Space and location are not the only predicted changes in luxury real estate demand. People are also seeking amenity-rich housing that comfortably accommodates a stay-at-home lifestyle and decreases the risk of the spread of contagions. “For now, the demand is for semi-remote and amenity-rich luxury properties,” adds Kaminowitz.
Graham points out that home buyers are seeking to bring more amenities into their residences – office, gym, sauna, hobby room – and this new way of working will also demand excellent broadband speeds and ‘Zoom friendly’ environments with no laundry hanging in the background or photo bombing kids.
“This especially means having enough space in your home for an office, away from family and noise, yet it is estimated that fewer than 25 percent of home workers have a dedicated home office. A recent article in the UK’S Daily Telegraph stated that a home office can add as much as 10 percent to the value of a property and may now even make the difference between buying a house or not.”
“There is interest in offices, high-end kitchens, home gyms and entertainment rooms, and enough space for working remotely,” agrees Phil Kaminowitz.
“While stay-at-home orders are temporary, the shift to more remote-working may be permanent. If companies keep remote-work capabilities, it will give more flexibility to jobs and relocation possibilities. Multiple home-offices will make a property stand out.”
In terms of healthy living, Sapphire Residences already offers the most environmentally-friendly luxury high-rise apartments in Colombo; the development has already achieved the world-leading LEED BD+C (Core and Shell Development) pre-certification at the highest Platinum level. “Luxury with sustainability is engrained in our DNA and best eco-practices have been incorporated throughout the complex,” comments Arun Pathak, MD of developer Welcomhotels Lanka.
“Whilst it has been designed to comply with international and local standards as a minimum, we were committed to achieving the highest global standards of certification, which demands adherence to a far more stringent set of guidelines.”
Sapphire Residences also excels when it comes to offering what Kaminowitz calls ‘amenity-rich luxury’. The enormous living areas in the Sky Mansions, which average over 5,500 sq ft with high ceilings, enable all the family to co-exist comfortably and harmoniously, with convenient access to uncrowded private leisure amenities and services.
“Our residents will have privileged access to over 40,000 sq ft of world-class private leisure facilities including a clubhouse, spa and fitness centre, hobby studio, indoor sports court, swimming pools, a fully-equipped business centre, 5-Star hotel, bars, restaurants, lounges and even rental offices,” explains Arun Pathak.
“With so many facilities and amenities on their doorsteps, all supported by ITC hotel group’s renowned 5-Star services, it should certainly help to make POSTCOVID living a lot more pleasurable and indeed effective in meeting the new life challenges well.”