TriBrand Prosperity 2020 Complete - Flipbook - Page 10
to Live Well,” the group reported that “wellness real estate”
has grown 6.4% annually since 2015, to reach $134 billion in
2017, and anticipated to expand 6% yearly through 2022 to
reach $180 billion. The U.S., along with a few key Asia-Pacific
countries (China, Australia, India) and Europe (UK, Germany),
account for three-quarters of the market.
The trend has been particularly evident through offerings
from luxury real estate developers looking to differentiate and
appeal to the high-net-worth buyer who prioritizes living well.
According to Chris Frampton, managing partner of Denverbased developer East West Partners, wellness is manifesting in
real estate “using architecture, landscaping, sustainability and
design to encourage social interaction and active lifestyles.
Our focus is on building spaces that put people first. Because
the affluent have time to devote to their physical health and
well-being, wellness for this group is far more than just a trend,
it is about living a life well lived.”
To appeal to this group, luxury developers are differentiating
themselves by curating their offerings to appeal to wellnessminded buyers. These amenities go far beyond typical pools
and gyms to focus instead on features that support the mind
and body. These can range from on-site restaurants serving
gourmet organic meals, to personal wellness assistants
available 24/7 to remind residents to exercise, meditate and
eat well, to “brain fitness” programs, offering classes on
memory improvement and relaxation.
Common amenities are emerging such as rooftop, glassenclosed, soundproof meditation spaces, relaxation rooms,
non-eye-irritating saline pools and indoor/outdoor yoga
studios. Wellness-optimizing design inside each home ranges
from circadian-rhythm lighting system, cleaner air, a result of
high-grade filters in heating and cooling units that remove
outdoor pollutants and odors, sound-proofing, and natural
materials to posture-supportive heat reflexology floors, moodenhancing aromatherapy emanating from remote- controlled
walls, vitamin C-infused showers, or mood aligning paint
colors, intended to mimic nature.
According to the Global Wellness Institute, prospective
homeowners are willing to pay 10% to 25% premiums for
homes in wellness developments at the middle and upper-end
of the market, in part because supply has not yet met demand.
There are more than 740 wellness focused real estate projects
across 34 countries currently in the pipeline.
WHICH OF THE FOLLOWING ELEMENTS OF PERSONAL WELLNESS ARE A FOCUS IN YOUR LIFE?
Total Affluent | Luxury Second Home Buyer