The Rise of Luxury Housing: How millennials are fueling demand

financialexpress.com:

Millennials want it all. High-end finishes, the rooftop deck, and the smart home technology that lets you control everything from your phone. Admit it, you’ve fantasized about living in one of those luxury apartment towers popping up in cities across the country. Turns out you’re not alone. There’s a whole generation fueling the demand for luxury housing, i.e., Millennials.

Sustainability and experience are also high on your list of priorities. Developers are taking notice and churning out residential properties packed with everything your generation craves. For better or worse, the rise of luxury housing is here – and millennials are driving it.

But, do we all really know what luxury housing actually means? Let’s put a light on it.

Luxury housing is typically the top 5-10% of homes in a given market in terms of cost. While that varies significantly by location, you can expect to pay at least 50-100% more than the median home price in your area. For the ultra-luxury tier, make that 200-500% more. So, what exactly counts as luxury housing these days? Simply put, it’s residential real estate that goes above and beyond the average in terms of design, amenities, and price point. We’re talking high-end homes with premium features like:

• Custom architecture and lavish interiors with high-quality materials. • Smart home technology like automated lighting, thermostats, and security systems. • Resort-style amenities such as pools, gyms, spas, golf courses, and private parks. • Concierge services and 24/7 security. • Prime locations in affluent neighborhoods or secluded, gated communities.

Also Read: Financial benefits of investing in freehold property

The luxury housing market in India continues to witness impressive growth,