How dynamic social and environmental changes are affecting perceptions of the premium real estate market.
The world is constantly evolving. The ancients used to say that times change, and we change with them. We are inundated with masses of information that we can't even process anymore. Every day We are redefining even basic values, we evaluate reality differently. In such a dynamic environment, the perception of what is luxurious, what goes beyond the average, is changing.
Changes, changes, changes
In recent years The global economy has been going through a lot of turbulence. First, the pandemic affected the sudden economic downturn. Just as we were slowly beginning to gain steam, another destabilizing factor for the world's economies appeared - the war across our eastern border. Is that all? Of course not. Our everyday life is becoming increasingly digital, and artificial intelligence is making its home in various sectors. The approach to environmental issues is also changing. We can no longer continue to live in a glass bubble and think that the climate crisis does not concern us.
Luxury in a new edition
Not surprisingly, luxury no longer refers only to owning premium items. Of course, right after the pandemic, we became newly enamored of what is exclusive and luxurious in the previous sense, after all, one only lives once. However, this trend has now lost its relevance. We are now redefining the luxury industry. We prioritize experiences and experiences over just owning things. We value the fact that a particular service, a particular item is personalized and tailored to us. Increasingly, the luxury industry has to meet customers' expectations of environmental responsibility. As before, what is luxury attracts the eye. But now, somewhat contrary to what social media promotes, we are paying attention to timeless solutions that will not go out of style next season.
What is luxury in the real estate industry today?
How does the premium real estate industry look in this light? Well, it is doing quite well. According to estimates, the value of the market in 2023 was about 3 billion zlotys. Demand for apartments, luxury properties in Poland is not decreasing. At the same time, what has so far defined premium real estate, i.e. great location and finishing, as well as a wide range of additional services, is no longer enough for future buyers. To this list should be added the adaptation of a house or apartment to a changing private and professional lifestyle. Customers are also interested in using technologies that reduce the negative impact, for example, of home heating, on the environment. For the sake of our mental and physical well-being, we increasingly value access to green areas.
Does this mean that there is now only one modernized definition of what falls into the premium category? Of course not. As many buyers, as many versions of luxury. The most important are listen to your own needs and not take into account what others will think or how they judge us.
Source: Forbes, 06/2024.