Sustainability and artificial intelligence creep into the housing trends for 2024 as future homeowners look for their next big thing.
Looks like the luxury housing trends for this year are leaning into more mindful and modern living as home buyers consider sustainability and artificial intelligence for their future homes.
Sotheby’s International Realty released a report saying future home buyers are looking into sustainable living. Meanwhile, artificial intelligence or AI may appeal to buyers especially those who want turnkey properties.
Sotheby’s Luxury Outlook Report 2024
The auction company’s realty body released their Luxury Outlook Report 2024. It aims to give knowledge to interested buyers for them to make a “smart real estate decision.”
Sotheby International Realty’s chief marketing officer A. Bradley Nelson said that the company continues to explore the trends in depth. These encompass everything from artificial intelligence, smart-home technology, tools that disrupt the real estate market, and more.
“We know that luxury buyers and sellers want to spend wisely, and staying well-informed is just the way to do it,” Nelson said.
Sustainability as one of 2024’s luxury housing trends
Nelson added that the report also saw the clients’ clamors in sustainable living, too.
The report mentioned that climate change is becoming a factor for buying homes. Luxury buyers take into account sustainability and environmental awareness before investing on a house.
The luxury real estate brand’s president and chief executive in Greece, Savvas Savvaidis, said that sustainability will take center stage this year. Smart homes and other technologies prompted the market demand to shift its interest in more eco-friendly and resilience-centric choices.
An estate’s resilience maximizes property value
Global real estate manager Helen Gurfel weighed in, saying investors “take a holistic approach to sustainability.” She mentioned that climate risks have significant impacts in the markets as well as assets included.
She said insurance risk, business continuity, disaster recovery, bottomline expenses, and more can lead to community displacements.
Gurfel explained that focusing on climate change is vital to maximize long term investments. A property increases value through risks and utilizing available opportunities.
An AI home’s potential
Bloomberg reported Nelson saying while some people want move-in ready, fixer upper homes can be “an insane value opportunity.”
He explained that buyers who are willing to work on a home could reap rewards. The biggest recent innovation, according to him, will be consequential.
“Generative AI models are going to impact the perspective and capability of buyers to imagine what a property can become,” Nelson added.
A marketing officer, Juan Pablo Boz, elaborated that there are numerous benefits in having an AI-ready home. For example, a home with smart sensors can identify which rooms are used, where to turn on or off the lights, switch appliances off when not in use, and more. Installing cameras and operating these on a device can also enhance the safety and security of homeowners. The possibilities are endless.
The luxury real estate market develops a new kind of buyer in the global sense. 2024’s housing trends will witness buyers who understand quality homes with adaptable features which can be beneficial in an unpredictable and ever changing world.
Banner photo from the Sotheby’s Realty website.