From a relatively new trend, wellness real estate is now a $134B global business and projected to become a $197B global business by 2022.
Defined by the Global Wellness Institute as housing that is “proactively designed and built to support the holistic health of its residents,” the sales premium on wellness homes and communities averages 10%-25% though, in some cases, that sales premium can be as high as 55%.
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Just as in low-tier housing, wellness housing pricing is being spurred by demand. It’s estimated there are +1.3M potential buyers every year in the US alone for wellness real estate.
Currently, there are some 740 wellness real estate project and community developments built across 34 countries. These projects and communities consist of master-planned communities multi-family housing, urban districts, mixed-use projects and resort/spa-based real estate.
Drawing from already established movements such as green and sustainable building, design-driven movements, food movements and New Urbanism, wellness real estate is also getting a push by technology. Properties are being built with air quality sensors and filters that sense and remove impurities such as smoke and pollution, water purifiers that eliminate chlorine and heavy metals and lighting that mimics natural light patterns.
Australia is the third largest market for wellness real estate behind the US and China. New projects, such as The Lateral Estates, 40 luxury apartments priced between $550,000 – $1.4M that are powered by a tech system called Darwin Home Wellness Intelligence created by the wellness real estate brand Delos, are going up in the Down Under. Tony Johnson, CEO of the Lateral Estates effort, said, “We were looking for a point of differentiation in a market that was losing value. We think Wellness real estate and tech systems such as Darwin give us this differentiation in a market with high demand for healthy living so…why not give home buyers what they want.”
As the moniker for Global Wellness Institute says, “It is time to treat our homes as an investment in our wellness.”
Thanks to the Global Wellness Institute for source data.
Also read: Podcast: 2020 Real Estate Business Planning | Step by Step Success Plan, Renovate-to-Rent Fueling Foreclosure Auctions & Rental Rates Exploding, Podcast: 5 Proven Steps To Become Rich (and STAY Rich) (Part 5)