The Global Wellness Lifestyle Real Estate industry is already booming prior to COVID-19 with its market size being $134 Billion in 2017. According to the Global Wellness Institute (GWI), wellness developments that cater to the middle to the upper ends of the market are achieving home sales price premiums averaging 10-25 per cent and can even soar up to 55 per cent.
Wellness will inevitably become the new standard in property development and every property developer simply cannot ignore this necessary evolution. So if you are wondering how to get started, below are four pillars you need to consider to build a wellness-focused project.
1. Encourage Mobility Within and Around Your Property
Wellness is an active pursuit and therefore a self-responsibility beyond your control. As a Wellness Lifestyle Real Estate Developer, whilst you cannot control participation, you can control creating attractive and inviting opportunities that encourage engagement.
Highlighting the beautiful parks and other high-quality nature zones surrounding your project in your marketing can encourage the pursuit of physical activities like walking, cycling, jogging and practising yoga, all whilst indulging in serenity. With 45 per cent of Australians prefer homes close to a park and 50 per cent want access to paved walking paths, selling this lifestyle would definitely spark an emotional connection amongst your buyers, which can lead to a profitable transaction.
2. Provide Free and Accessible Spaces for Active Recreation
Did you know that 49 per cent of Australians said they are more likely to buy a home with or close to recreational spaces?
Whilst advancements in engineering, architecture, science, and technology opened endless possibilities for comfort, convenience, and pleasure, we cannot deny that they have promoted sedentary lifestyles, lack of exercise, poor diet, stress, social isolation, and environmental degradation. All of which poses new health risks and makes people live unhealthy and unhappy lives.
As a property developer, you can encourage active recreation by including holistic spaces within your property like a lap pool. Emphasizing the proximity of your property to parks, jogging/biking paths, hiking trails, and public squares can also promote higher levels of physical activity. This not only encourages physical wellness but also supports social and mental wellness.
3. Use Nature’s Power to Improve Mental, Emotional, and Physical Well-Being
With studies showing that green spaces and nature connection provide several benefits to our wellbeing including improved cognitive abilities, productivity, attention, mood, and healing, there’s a rising demand for buildings, cities, and neighbourhoods with a biophilic design. This simply tells you to incorporate nature into the design, concept, and construction process of your project. Design your space in a way that will allow residents to maximise natural light, capture skyline and botanical scenery, and bask in tranquillity through holistic features like a beautiful courtyard or residents’ garden.
4. Create Environments That Promote Better Sleep, Rest, and Stress Reduction
One of the main reasons why 20 per cent of Australians have experienced psychological distress is due to lack of rest and sleep. Sleep is a cornerstone of good health, yet it is constantly compromised by issues in our built environment including artificial lighting, a lack of natural light indoors, poor temperature control, and noise pollution.
You are in the perfect position to build environments that promote sleep, mood, and vitality. Some of the elements you can implement and emphasise in your marketing are how you have implemented soundproofing and noise reduction, used circadian lighting, and strategically divided spaces.
5. Encourage Prosocial Behaviour and a Sense of Community
Across the world, neighbourhoods and homes are increasingly segregated by income, class, race, and life stage, whilst our car-centric infrastructure has reduced public spaces and chances for spontaneous social encounters with neighbours.
You can foster the spirit of community by implementing policies like no-smoking and recycling, programs like fitness classes and family events, and communication efforts like a community portal. You can also deploy a “wellness director” to supervise the wellness activities on your property.
The undeniable truth is: wellness is the new luxury and selling luxury is no longer enough.