What property features are HNW house hunters looking for?
By Cassandra Tanti - July 8, 2020
From waterfront views to private pools, in-house chefs to wine cellars, the world’s super-rich home buyers have a slightly different list of property requirements compared to the average buyer.
Research from leading high-net-worth (HNW) mortgage broker Enness Global has revealed which luxury property features have seen the biggest surge in popularity since the start of the year.
Most popular property features
Wherever you are buying at the top end of the market, the same property features appear to hold the greatest interest amongst buyers.
New-builds, a spa, a furnished property, a garage, a garden, a good view and a waterfront property consistently ranked in the top five features across London, Monaco, Singapore, New York, Honk Kong and Dubai.
A new property was of the greatest interest to buyers in London, Singapore, New York and Hong Kong.
In Monaco, unsurprisingly with space at a premium, homebuyers searching for a property with a garage was by far the most sought-after requirement, even double that of the next most popular search term: ‘new’.
Biggest increases in interest
However, while these traditional property features will always hold a strong level of interest, a number of additional features have seen a sharp uplift in buyer search interest so far this year when compared to the same time last year.
Sea views, a library, private pools, upgraded and modern homes, home gyms, a wine cellar, a chef, security, a games room and a sauna are some of the most common features to have seen an increase.
In London, searches for properties with upgraded specifications above and beyond that of the regular home have seen the largest increase (+67%), along with wine cellars (+50%) and home gyms (+28%).
Interestingly, in Monaco, searches for a sauna have seen a surge (+122%), with both a sea view (+77%) and a view in general (+45%) also growing in popularity, perhaps due to the fact that people were confined to their properties for a number of months this year.
In Singapore, homes with a games rooms have seen the largest uplift in interest (+118%), while in New York private pools (+245%), home gyms (158%) and wine cellars (+42%) have increased in popularity.
In Hong Kong, searches for homes with a garage (+731%), sea view (+205%) and library (+113%) have increased the most, with a sea view (+368%) and a library (+184%) also increasing in popularity in Dubai, along with private pools (+166%).
“For most of us, an affordable asking price and a pleasant property are the biggest requirements when house hunting, but this certainly isn’t the case when it comes to the super-rich,” says Hugh Wade-Jones, managing director of Enness Global Mortgages. “That said, even at the very top end of the market, homebuyers tend to prioritise the same key features as most of us. A garage, a garden, perhaps some furnishings and a pleasant view are the foundations of most property searches.”
“But above and beyond these basic needs, it’s interesting to see what has now grown in popularity with current buyers when compared to this time last year,” adds Mr Wade-Jones. “With the current pandemic impacting all of us, features to enhance health and social wellbeing are rapidly growing in demand. Today’s high-end homebuyer wants a clean, new home, with modern features and appliances. They want an enhanced level of security and they want health and fitness outlets such as spas, gyms and pools. Throw in a fine wine cellar and a games room and you’re ticking almost every box.”
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