Estimates suggest the market size of luxury residential real estate will soar from $38.02 billion in 2024 to $101.92 billion by 2029, with a staggering CAGR of 21.81% during the forecast period. The surge is fuelled by affluent buyers seeking upscale properties with modern amenities such as smart home technology, infinity pools, private gyms, exquisite designs, open floor plans, floor-to-ceiling windows, and high-end finishes. However, amid the enthusiasm of acquiring a luxurious home, selecting the ideal neighbourhood is crucial. It involves considering factors beyond the home itself, such as surroundings, amenities, safety, and community dynamics.
It’s imperative to navigate through these considerations to ensure a wise investment and an idyllic residence that surpasses expectations.
Here are a few fundamental factors that could impact your decision-making process when selecting the appropriate neighbourhood for your new residence.
1. Understanding family dynamics
Beyond the property itself, the ideal location considers the surrounding environment, available facilities, and the sense of community. Safety and security are primary concerns, particularly for families with children and elderly members, necessitating features such as security personnel, surveillance systems, and well-lit streets. All this coupled with a robust sense of community is what fosters a supportive and engaging atmosphere.
For individuals commuting to work, residing near the workplace can maximise family time. Those desiring a cosmopolitan lifestyle prioritise proximity to vibrant neighbourhoods teeming with malls, lifestyle stores, dining, entertainment, and other amenities. Likewise, families frequently on the move benefit from easy access to airports or highways, optimising time and convenience.
2. Considering future goals
In contemporary times, many families are opting to distance themselves from the frenetic pace of city life, gravitating towards greener areas or the outskirts of urban centres. Opting for locations that offer a serene and peaceful ambiance is ideal for those desiring a calm and unhurried lifestyle. A quiet neighbourhood equipped with essential amenities ensures a fulfilling living experience aligned with one’s future aspirations. On the other hand, individuals planning to have children benefit greatly from proximity to reputed schools offering high-quality education and fostering their overall development. These decisions are pivotal, as choosing a neighbourhood that aligns with your future goals means you’re investing in a future filled with hope and excitement.
3. Assessing essential amenities
Irrespective of personal goals, it’s crucial to assess the availability and proximity of essential amenities and services in the neighbourhood. These include access to grocery stores, healthcare facilities, parks, recreational areas, and other conveniences vital for daily life. For example, having a dog-friendly park within walking distance from your home not only provides a pleasant space for your furry companion to enjoy outdoor activities but also fosters a healthy lifestyle for both you and your pet.
4. Researching market value
Understanding the market value of a neighbourhood is crucial to gauge its investment potential. This includes researching upcoming projects and planned developments in the area, such as new commercial centres, residential complexes, or public infrastructure projects. The strategic location of the neighbourhood, coupled with its anticipated growth trajectory, renders it an enticing investment opportunity. If the area is situated in close proximity to forthcoming metro expansions and major highways, the area will offer unparalleled accessibility, enhancing its allure for both residents and investors alike. Furthermore, if the region is experiencing rapid infrastructural development, with the emergence of commercial and residential ventures, it underscores its investment viability.
The writer is founder and CEO, MAIA Estates.
