And don’t forget wine. Far from being something you tuck away in the cupboard, it’s now a chance to make an architectural statement with a glamorous room.
Multi-Generational Living
For the ultra-wealthy, having their near and dear close is now worth paying extra for. That means houses big enough to hold parents, grandparents and children—as well as staff quarters—in addition to all the other luxury toys and outdoor space.
Downton Abbey-like country houses—many of which have sat on the market for years—are suddenly a lot more popular. Last year, for instance, wealthy buyers triggered a 1,900% sales surge in British country estates, which have more than enough room for all sides of the family.
“Covid was really the catalyst for it, an excuse to gather together the whole big extended family and go somewhere amazing,” said David Forbes, chairman of the Savills Private Office.
Island Paradise
At the start of the pandemic, there was talk of a boom in Caribbean private islands where the ultra rich could sit out Covid by the beach.
A similar trend is now playing out among the merely wealthy. In Hong Kong, top-end agents report that buyers who previously wouldn’t have dreamed of looking far from Central, the main business district, are starting to hunt for tranquility.
Will Robertson, executive director of Nest Property, says that particularly for those renting, the more serene areas in the city—such as Clearwater Bay or Sai Kung in the New Territories—are growing in appeal.
As well as being one of the few areas in Hong Kong where you can buy a freestanding home rather than an apartment, it feels a world away from the busy city center.
“The accessibility of beaches and hikes often takes greater significance with residents increasingly more concerned about their health and living environment,” Robertson said. “These areas can offer lower-density living.”
The other benefit is the price. In the past two months, the most expensive house sold in the Mid-Levels neighborhood went for HK$136,000 ($17,500) per square foot, while the highest price recorded in the New Territories was just HK$39,000 per square foot, according to data provided by Nest Property.
—With assistance from Oshrat Carmiel.
This article was provided by Bloomberg News.