A wellness makeover for the real estate industry
MAIN IMAGE: Dr Martin Combrinck
Dr Martin Combrinck (PhD) from Sanga Wellness
Research from the Global Wellness Institute finds the coronavirus pandemic has impacted the wellness market, with around 2,300 wellness real estate projects currently in progress.
It is relevant to stay on top of the latest wellness developments in real estate market so your brand can be a resource for clients seeking this lifestyle:
- According to research, the global wellness real estate market is expected to reach $197B by 2022.
- Wellness has grown from a budding personal health concept to a $4.2 trillion global industry.
- There are an estimated 1.3m potential buyers each year in the US for wellness-oriented homes and communities.
But what exactly is the meaning of this? In its most basic form, wellness real estate refers to buildings that are proactively designed and constructed with the holistic health of their occupants in mind.
Wellness communities, holistic neighbourhoods and health and wellness complexes continue to spring up around the country. Prospective homeowners are ready to pay an average of 10% to 25% more for homes in wellness communities, according to experts. The craze isn’t likely to fade away anytime soon.
Increased demand for homes, offices and hotels that promote holistic health and life balance has pushed asset valuations and premiums higher. However, investors and developers often struggle to assess the intrinsic value of wellbeing and wellness features and are unsure how these affect the asset’s bottom line.
According to the World Health Organization, 80 – 90% of health outcomes are determined by where and how we live. In another study, Harvard researchers found we’re surrounded by unhealthy air and toxic chemicals due to 90% of our time spent indoors.
Wellness communities, which put human well-being at the core of neighbourhood design rather than individual homes or structures, are becoming increasingly popular. Residents of wellness-focused areas, on the other hand, have been demonstrated to have higher levels of movement, more social interaction, and a stronger sense of community.
So, how can real estate brokers incorporate this niche into their marketing plan?
The first step is to understand the business’s needs and desires so that you can more easily market properties with these features and assist buyers who are motivated by them. Here are a few of the patterns emerging in wellness real estate:
- Community wellbeing conveniences like yoga rooms, contemplation rooms, spas, and wellness focus.
- Wellness utilities including air purification frameworks, sun powered chargers, and lighting frameworks in homes and offices.
- Smart appliances advancing healthy living.
- Green building and sound material decisions in new development.
- Outdoor connections like serenity gardens, roof porches, or private parks.
Do these features appear to be far-fetched? Speedy, stress-filled ways of life push many home purchasers to attempt to discover equilibrium in any place and at whatever point they can. Assuming homes themselves can assist with boosting wellbeing and prosperity, individuals will search that out, effectively.
According to the Environmental Protection Agency, Americans invest 93% of their energy inside their homes, so an individual’s house is a fundamental piece of the riddle. To put it plainly, all signs highlight proceeded with development in the wellbeing housing market.
In order to capitalise on this growing segment, here are some of my top tips for real estate agents moving forward:
- Know your buyers. Understanding your purchasers and precisely the thing they are searching, yet customers basically may not know that this sort of wellness market exists. Specialists collaborating with customers who focus on wellbeing and health and would benefit or pay more for a portion of these provisions, make certain to teach them on what’s accessible.
- Reach out. In case you’re new to the wellbeing space or the health space is new to your market, attempt to engage with the health local area where you can. Associating with individuals who know about the business will assist you with learning the intricate details, network with significant associations, and meet new customers.
- Dissipate fantasies. There is an inescapable conviction that wellbeing land is just for the rich. While engineers might be pushing the idea of a better home as a selling point, the truth of the matter is that we do not need to look too far to even consider discovering parts of health. In the event that the actual home has green structure parts, similar to energy-wise development, paint with low unpredictable natural mixtures evaluations, and non-poisonous materials, then, at that point, which is one colossal positive development.
Current wellness patterns in real estate go past essentially zeroing in on green structure, albeit that is one significant part. Individuals are starting to comprehend that their living climate straightforwardly influences their wellbeing and are looking for ways of limiting adverse consequence. By taking an all-encompassing perspective on health, including the fabricated climate, stress-lessening exercises, and then some, people can begin to see a bigger effect on prosperity.
Be on top of the most recent wellbeing patterns in real estate so you can turn into an asset for the developing gathering of individuals who are searching for this sort of way of life.
Real estate makeover
The real estate market is getting a wellness makeover, from businesses to hotels, houses to entire communities. Buildings are being planned and developed with our health in mind now more than ever.
This movement aims to improve our quality of life by emphasizing clean air, pollutant-free settings, and biophilic architecture. However, a more extreme form of this tendency attributes increased longevity to wellness homes.
Because we spend so much of our time indoors, it makes sense to make these spaces as healthy as possible.
But like with everything in wellness, there’s a mix of science, magic, and marketing at work here. Worse, wellness has become a high-priced luxury item. While multi-million-dollar mansions designed for sleep may appear to be nice, they are completely missing the point.
The combination of a dedication to well-being and new technologies has the potential to alter public health at a large scale. By concentrating solely on high-end developments, the haves and have-nots are more separated.
The objective is that the high-end wellness services would filter down to more affordable developments that cater to asthmatic youngsters and older persons who have difficulty navigating their environment.
Until then, wellness real estate is more likely to be distinguished by an ever-expanding list of specialized features targeted at those who can afford them.
Before beginning health or wellness developments, real estate investors and developers must consider a variety of variables.
The actual value and demonstrable consequences of wellbeing and wellness on the property’s future financial success are two of the most crucial factors to examine. Stakeholders must assess the direct consequences of these investments ahead of time, with an emphasis on future profit and expectations management.