What are buyers seeking in a home? And what markets are they attracted to now? We surveyed our network of 2,000+ agents from around the globe to gather insight into how buyers and sellers are moving and migrating, and what it is they covet in a purchase.
The Era of Hybrid Work
Remote work is here to stay, reversing a decades-long flow of people to large cities. According to 2022-2023 Top Ten Issues Affecting Real Estate by the 501(c)6 The Counselors of Real Estate®, more than 50% of the workforce will work remotely or in a hybrid manner in the future. They are calling this “The Great Decentralization.” And this has changed the market by giving people the freedom to work from anywhere—even their vacation home in the mountains or at the beach.
Second Homes + Golden Visas
The ease of work from practically anywhere increased the popularity of the Golden Visa. This residency-by-investment program is offered by approximately 40 countries, including Greece, Portugal, Spain and Panama, making them top destinations for both investors and lifestyle buyers. Requirements vary by country, but most require a real estate investment ranging from $300K to more than $1 million. “Investors can get a residency in 60-90 days,” says Victoria Levitam of The Agency Panama. Tax incentives, a lower cost of living, internationally renowned hospitals, and connectivity with nature are another big plus.
Lifestyle First
COVID-19 caused many people to reassess their work-life balance— prioritizing security, economic stability, access to nature, a family place in which to build memories and, in many cases, there’s been a renewed interest in multigenerational homes. According to our global team of experts, resortstyle residences offered by top hospitality groups (like Mandarin Oriental, Four Seasons and Aman) and luxury brands like Aston Martin and Baccarat remain very desirable.
Wellness & Sustainability
Health-conscious homebuyers increasingly demand outdoor spaces, health-inspired kitchens, and green-living technologies like advanced air purification, circadian lighting systems, bestin-class water filtration systems and even vitamin C-infused showers. Paul Lester of The Agency Beverly Hills is seeing a heightened interest in amenities like saunas, steam showers, and hot-and-cold plunge pools. Aileen Comora of The Agency Beverly Hills, adds that some new builds include spa spaces that “look and feel like a 5-star resort.” Facts and Factors Marketing Research Co, Ltd. (an international research company based in Shanghai, China) estimates the global wellness real estate market was worth about $279.4 billion in 2021 and is expected to grow to about $863.9 billion by 2028. North America is projected to account for 37% of the market growth. These forecasts are corroborated by Ingo Schweder, Managing Director at Boston University-based Horwath HTL Health & Wellness.
Stable Refuge from Global Chaos
In times of global financial and geopolitical turmoil, homebuyers look for real estate markets that are consistent and predictable. “We are seeing money from China, Singapore, Hong Kong, and the Middle East being ‘parked’ in real estate in California as a holding place for wealth,” says Lester. Miami is also seeing a similar trend. “Instability in various of the South American countries continues to make Miami real estate very attractive,” says Daniel Tzinker, of The Agency Miami. “In the past three years, we’ve seen 100+ businesses like Citadel, Amazon and Tesla move to Miami, taking advantage of the favorable tax environment…world-class restaurants, private clubs and art galleries have followed.”
Turnkey = Easy Living
Move-in ready homes are popular with buyers who have no time to do major upgrades. “Because of continuing supply-chain challenges, many buyers prefer turnkey properties—sometimes fully furnished, down to the last butter knife—especially if this is their second or third home,” says Alby Euesden of The Agency Mallorca. The Agency makes a client’s move easy in many ways. “The agents who work in this office have been on the island for a long time and know everything from the finest schools to the best bakeries,” he adds.
