The leading figure in sourcing and acquiring luxury new-build homes across Prime Central London, Moreas Madani, founder of boutique property consultancy Tyburn, has revealed the key reasons ultra-high-net-worth-individuals (UHNWIs) are currently opting for modern properties over period homes on the secondary market.
In the past 12 months, over 2/3s of Tyburn’s completed deals have been for high-end apartments at some of London’s most exclusive new developments. Similarly, 80 per cent of all enquiries or active searches conducted by Moreas and his team have been to acquire or rent a luxury new-build property.
Moreas told us: “Activity levels have remained fairly stable across Prime Central London, however, there has been a clear shift in demand for purpose built prime homes that offer a lifestyle that can match or exceed that on offer at an exclusive five-star hotel.
“While the state of the economy and rising interest rates continue to depress certain areas of the market and causing buyers across all levels to be cautious, luxury new build developments are driving the market because some of the unique characteristics they offer compared to traditional period homes.”
Space used to be a non-negotiable for UHWNIs, whilst ostentatious features once constituted the benchmark for luxury properties. However, high-net-worth home seekers are now seeking more manageable square footage and modern amenities focused on wellness and technology.
Here are the property types and features, highlighted by Tyburn, that the affluent seek, according to Moreas.
Best in class
The luxury new build developments across Prime Central London, from those completed in the past decade, such as One Hyde Park, to those in construction, The Whiteley, are full of the finest finishes, with well-designed layouts with features that provide the ultimate lifestyle experience. The majority of these developments also benefit from spectacular views or overlook some of the world’s most recognisable landmarks such as No.1 Grosvenor Square in Mayfair with views across the public garden square onto the Rosewood Hotel (the former US embassy) or Park Modern, which looks over Hyde Park.
This is driving competition amongst developers to provide unmatched views and unique living spaces, which in turn offers assurances to UHNW purchasers that they will be acquiring the very best homes in some of London’s finest locations.
Market leading tech
The level of home technology present is one of the first questions received by Tyburn when showing clients around a prospective home. For luxury home buyers, though, the technology they desire transcends voice-enabled devices and ipad controlled home management systems.
The evolution of smart home tech has evolved from convenience-focused applications to experience and integration, with a will to see interactive components across the entire building, from secure access and controlling appliances remotely to dedicated apps/systems that allow owners to book and engage with amenities, such as fitness suites (think booking classes or private spaces).
Security
According to Moreas, this is the biggest request from clients that are searching for high-end new homes in Prime Central London. Twenty-four-hour security, concierges and multi-layered security, such as access controlled lifts, floors and amenities, are now a basic requirement for those seeking to live within a new buildings or developments.
However, there is also a desire for heightened safety, with private road, gated developments, secure and monitored access points emerging as key requirements for those seeking to be additionally cautious.
Moreas added: “Concierge and security is very important and is the single biggest demand we are seeing at the moment. Historically it has been parking but this has changed, as the trend is being led largely by international buyers that are not here all year round, so they want to know when they’re not here their homes and any assets within them are airtight, whilst they also want to know that they have that extra level if protection when in the comfort of their own home.”
Convenience
Another popular request received by Tyburn is to source properties that offer 24-hour concierge, however, there is an increased desire for this to come with additional benefits. The days of a one-person team at the front desk checking visitors in and out and accepting packages is dated, now buyers are looking a level service on a par with a part-time personal assistant.
To match this, developers are installing concierge services that mirror estate support, with a good-sized team on hand to provide the standard concierge service, whilst they can also check in on homes whilst empty to manage and maintain them, whilst also supporting in situ residents with personal services, such as restaurant reservations, booking personal trainers, health professionals and so on.
Amenities and wellness
Direct and more importantly exclusive access to features, such as spas and gyms have become a standard expectation across most luxury new-build developments, however, buyers’ expectations in this field have also evolved and it is challenging developers to ensure they can match the modern lifestyle.
Tyburn has seen that prospective purchasers now desire more in the form of amenities, with many requesting services and designated spaces for children and pets, whilst also spaces that can adapt to the latest fitness trends. There is a requirement for new developments to match the ability of five-star hotels to transform their spas, fitness centres every 5-10 years to modernise, so there is a drive for development amenities to provide the opportunity to be renovated and upgraded to avoid the possibility of them looking dated in the future.
