Privacy is now the most important factor for wealthy buyers when it comes to real estate purchases, according to Luxury Portfolio’s 2016 Global Report.
The research believes it will be a seller’s market in the upcoming year, with almost 25 percent of wealthy consumers looking to purchase real estate, but only 18 percent looking to sell. Right next to privacy is United States consumers’ interest in a master bedroom with a luxury bathroom at 60 percent and seclusion at 61 percent.
“It was fascinating to see that privacy is the most desired feature in real estate among the wealthiest buyers,” said Stephanie Pfeffer Anton, executive vice president of Luxury Portfolio. “The world today is so ‘on display’ that it makes sense but we were surprised to see it rank above other amenities.”
More than 70 percent of global wealthy consumers believe that sustainable living is a top priority. For the wealthy U.S. demographic that percentage drops to 66 percent, but jumps up to 77 percent regarding non-affluent U.S. consumers.
Having a smart home is still a big draw for many affluent consumers, with 50 percent of wealthy U.S. consumers and 58 percent of global affluents exclaiming that that is important to them when purchasing a home.
Outside of the U.S. 45 percent of wealthy consumers plan to purchase real estate and only 23 percent plan to sell.
For affluent consumers making purchases relies on gut feelings rather than practicality. For instance, 62 percent of luxury consumers claim the most important aspect when making a purchase is happiness, 57 percent value feeling good, 50 percent want to have fun and 49 percent value an elegant setting.
Luxury real estate brands and other luxury goods manufacturers should tap into these feelings to continue tapping into the affluent consumers and establishing that strong bond.