_The trend grows for more prime and super-prime projects in lifestyle cities
Statistics from The Wealth Report support this with 42% of UHNWIs already owning a second home outside their country of residence. Furthermore, 36% of UHNWIs have a second passport or dual nationality, and 29% are considering acquiring one.
As Rupert des Forges, Knight Frank’s Head of Prime Central London Developments, notes, “buyers now benchmark their homes against the best global hotels they stay in. They know what service really is and will pay for it. They expect lifestyle support and it is no surprise that concierge businesses are a growing breed, designed to manage homeowners’ busy lives in the days between touching down for London time and flying out of the country again.”
However, this style of project is now spreading into other cities which are seeing increasing level of overseas interest and investment. The likes of London, New York, Hong Kong and Singapore will always exert a powerful global draw. However, factors such as a favourable climate and access to innovative medical care are becoming increasingly important.
Madrid, for example, is now home to a Four Seasons Private Residences. Lisbon is another city which has seen its popularity grow with a significant uptick in sales volumes, price growth and market liquidity over the last year as we explore in our Lisbon Insight report.
Image: Four Seasons Private Residences, Madrid
As wealthy individuals become more globally connected and more mobile, they are not only planting roots in traditional urban powerhouses but looking for a well rounded offering. High quality amenities and support facilitate a transient lifestyle, and so prime, super-prime and ultra-prime projects will become increasingly common – and increasingly sought after – in these “lifestyle cities”.
Australia has no shortage of "lifestyle cities". In 2018 the Economist's Intelligence Unit which looks at stability, infrastructure, education, heath care and environment ranked Melbourne in 2nd position from 140 global cities, Sydney 5th and Perth 12th. Three projects offering this sought-after well rounded offering are:
Crown Residences, One Barangaroo, Sydney
Image: Crown Residences, Sydney - Swimming pools
The Muse, Melbourne
Image: The Muse, Melbourne - Penthouse swimming pool
Sabina Applecross, Perth