The residential sector seems to have reclaimed its glory in the past year and amongst the various sub-asset classes, the luxury segment has gained special attention from homebuyers, developers and investors. 2023 has been an exceptionally great year since all the top eight markets witnessed record launches in the segment, complemented by impressive sales. The changing preferences to upgrade the living experience coupled with high appreciation potential have not only fortified the luxury segment but also created new possibilities, in the form of a new category, popularly known as the ultra-luxury segment.
A deep dive into what the new segment entails uncovers a few important characteristics of the ultra-luxury segment.
Firstly, customization is a distinctive feature of the ultra-luxury segment. A lot of homeowners are going for custom-built residences and the ultimate desire is to create spaces that are not only opulent but offer a narrative. It is often displayed through a careful mix of traditional craftsmanship, modern design and architectural elements and smart-tech-enabled features. At the core lies the desire to express individuality while having a luxurious living experience.
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Décor and interiors play a crucial role in the ultra-luxury segment. An ultra-luxury home is not just defined by the architecture, size or location of the property but by the kind of materials used to create the complete package. Whether it is a handcrafted furniture piece, upholstery or a rare and unique piece of décor, every element becomes an integral part of the entire narrative that creates that ultra-luxurious exuberance.
In addition to these, sustainability is another key theme of the ultra-luxurious segment. No matter how opulent a space is, without ticking the sustainability box it can’t make it to the ultra-luxurious list. Ultra-luxury homebuyers make it a point to incorporate sustainable features in their properties as for them this particular kind of lifestyle is incomplete without the wellness element in it. To achieve this, builders of ultra-luxury homes are plugging in certain features that are as per the global standards. Besides, properties that are compliant and support carbon neutrality have much higher appreciation value, thus commanding high market prices.
Furthermore, technology is an integral part of ultra-luxurious properties as a lot of homeowners want automated systems to make living hassle-free. While smart homes have become popular, in the world of ultra-luxury, developers are trying to level up the game even further by plugging in AI and various intuitive tech-based systems that can intuitively sync with the homeowner’s lifestyle and living preferences.
Taking into consideration the above factors, it can be concluded that the world of ultra-luxury has a lot of exciting things on the horizon and as the residential sector continues to grow, this segment will unveil a lot of innovation in the coming years. While the segment is emerging as a melting pot of modern design principles, traditional artistry and new-age tech-enabled imperatives, the journey will surely unlock a new realm where a living space will be perceived differently.
As this market matures and evolves, one thing remains indisputable – the pursuit of ultra-luxury is a voyage that goes beyond materialism and invites individuals to immerse themselves in a world where each moment is a testament to unparalleled living.
(By Navin Dhanuka, MD & CEO, ArisUnitern. Views are personal)