Inspired Living

The luxury property market is gearing towards elevated lifestyles and transformative trends in the second quarter of the year

- Sandhya Mahadevan

When you purchase a property, you are not just buying a home-you are buying a lifestyle.

It is unknown whose words these originally were, but they describe the property trends for 2024 in a nutshell-and these trends are only going to get bigger and bolder as the year goes on.

There is a surge in awareness and informed discernment among buyers, especially young professionals, who are looking for an investment that fits in with their lifestyle needs and long-term planet goals. Property developers, in turn, are focusing their energies on delivering something to scale that is luxurious, high quality, bespoke and uber organic, with a redefinition of ostentation, says Liam Bailey, partner and global head of research at Knight Frank.

The trend towards modern design and low-maintenance furnishings is becoming increasingly evident, and mirrored in the form of interiors that are not only visually appealing but also functional and easy to upkeep, says Dora Chng, director of residential at Singaporean real estate group GuocoLand. "This movement aligns with a broader societal pivot towards minimalism and sustainability, emphasising the importance of stylish and pragmatic designs," she says.

"An increased awareness of sustainability and well-being is being expressed in consumer demand for qualities like amenities, energy efficiency, materiality and service, redefining the meaning of 'prime' for commercial properties and high-end homes alike," adds Richard Baumert, managing partner at American luxury property development firm Millennium Partners.

This has become a global criterion, albeit that adherence is controlled by how the different markets define the individual components and the buyers' specific needs.

RESILIENT MARKETS