Celebrities like Jeff Bezos, Pharrell Williams and Scarlett Johansson have recently invested millions of dollars in luxury real estate, even during the pandemic. According to Engel & Völkers, a German luxury real estate broker, overall turnover rose by 31.5% between the first six months of 2021 and the same period last year, and in 2022 the trend continues to rise. But what explains the luxury market growing globally during the crisis?
Ideane Cunha, businesswoman and architect graduated in Architecture and Urbanism at the University of Fine Arts of São Paulo, specializes in high-end residential and commercial projects. She explains that one of the most noticeable changes, a consequence of what we live as a society from now to three years ago, is directly reflected in the real estate market.
”Unlike other markets, the demand for luxury properties and interior design has not had a reduction in value nor has it suffered a retraction with the pandemic. People are valuing their homes more and prioritizing quality of life. The rich and famous are spending more time at home, producing content and working from their homes, and so they want a comfortable and safe space that guarantees them physical and mental health.”
According to several behavioral studies, people spend up to 90% of their time indoors. Therefore, the spaces where we live, work and relax have a huge impact on our general and emotional well-being.
“That’s why the work of an architect, which can transform the environment that surrounds us, is able to affect our emotions, our mental state even our self-esteem. A sophisticated environment, which combines concept and design, collaborates not only with our productivity but with the way we feel and face personal and professional challenges. Architecture is not just about designing luxurious environments, but offering people a place that has their face, which they can call home, feel comfortable even if it is their work environment”, he concludes.
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