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Remote working, a modality that gained popularity during the COVID-19 pandemic, has transformed the way we work and our lifestyles. Among the many sectors that have undergone change, the luxury real estate market has been one of the hardest to adapt to.
The ability to work from anywhere in the world has changed the priorities of those seeking high-end properties. In this article, we look at how remote working has altered the global luxury real estate market and the key factors that are driving this trend.
With the elimination of the need to work from an office, many people have opted to relocate to more distant and exotic destinations, rather than being tied to large urban cities.
Places that were once considered holiday destinations have become permanent residences for remote workers looking to balance their professional and personal lives in a more relaxed and luxurious environment.
Cities such as Miami, Punta Cana, Lisbon and Dubai have seen a significant increase in demand for luxury properties due to the flexibility that remote working offers. This shift has driven the purchase of property in coastal, rural and scenic areas, where buyers are looking for a higher quality of life, away from the hustle and bustle of the big cities.
The concept of luxury has changed. It is no longer just about having a property with a stunning aesthetic design or located in an exclusive area; now, buyers of high-end properties are looking for features that are suitable for telecommuting. New priorities include:
Private workspaces: Well-equipped home offices designed for long hours of use, with high-speed internet connections.
Outdoor spaces: Large gardens, terraces and private pools are now essential for those seeking to enjoy the comfort of working from home.
Advanced technology: Smart homes that integrate security, climate control, lighting and entertainment systems are a growing trend.
This shift in demands is driving developers to design properties tailored for people who spend more time in their homes, including common areas designed for leisure and wellbeing.
Increased demand in certain exclusive areas, driven by remote workers seeking a better quality of life, has led to a rise in luxury property prices. This phenomenon has been observed in places such as Tuscany in Italy, the Balearic Islands in Spain, and the Hamptons in New York, where luxury properties have reached record highs.
In addition, competition among international buyers has created a more dynamic real estate market, with investors looking to diversify their assets by acquiring properties in different countries. This has meant that locations that were not previously considered hotspots for the luxury market are now experiencing significant growth.
Sustainability has also come to the forefront of luxury property purchasing decisions. More and more buyers are valuing properties that incorporate sustainable practices, such as the use of renewable energy, eco-friendly materials and energy-saving systems. This trend is driven by the need to care for the environment and the search for properties that offer lower long-term operating costs.
This factor, combined with the growing popularity of properties in rural and natural areas, has led to an expansion of the luxury real estate market in regions previously unexplored for their exclusivity and ecological focus.
Remote working has incorporated holiday experiences into everyday life, giving rise to a phenomenon known as residential tourism. Rather than renting properties for short periods of time, affluent buyers are purchasing properties in tourist destinations to reside in for longer periods of time, or even permanently.
These types of buyers seek properties with access to exclusive amenities, such as golf clubs, marinas and gourmet restaurants, creating a global community of professionals who can enjoy the best of both worlds: working remotely while enjoying a luxurious lifestyle.
In the Caribbean context, the Dominican Republic has emerged as a key destination for remote workers seeking luxury properties. Thanks to its paradisiacal landscapes, tropical climate and relatively affordable cost of living, the country has become an attractive option for those wishing to settle remotely.
Demand for properties in destinations such as Punta Cana, La Romana and Samana has experienced remarkable growth, driven by international buyers seeking a refuge from urban stress. Properties in these areas offer access to pristine beaches, world-class golf courses, exclusive resorts and, above all, an environment that promotes wellbeing.
Real estate developers in the Dominican Republic have responded to this growing demand by building residential complexes that not only offer luxury homes, but also amenities designed to make remote work efficient and enjoyable.
At Noval Properties we offer you exclusive properties that allow you to enjoy the best destination in the Caribbean every day.
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