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The pandemic is changing consumer trends in a number of ways, but perhaps not more than removing us from the office and opening up the ability to work from anywhere. This flexibility to travel has had profound consequences, with a tremendous increase in consumer interest in buying second homes around the world. From the Alps to the Hamptons, luxury second home projects have been selling fast, and with this huge demand, new luxury developments are popping up in exciting and emerging destinations.
In central Wisconsin, Sand Valley has become renowned as one of North America’s premier golf destinations. Yet it is also fast becoming a sought-after housing destination. “Sand Valley shoppers come here to escape the traditional and often outmoded ‘luxury’ community,” says Baker Thompson, Head of Real Estate at Sand Valley. “What’s driving the growth we’re experiencing is authenticity — authentic, world-class golf sits right across the dunes; a wooded enclave with house designs that surround you with views of water, sand dunes and forests. Sand Valley is a genuine place where family and friends can connect in a beautiful, unspoilt natural setting, and that is perhaps the most luxurious quality of all.”
This drive for authenticity has been seen in the travel market for years, with travel experience establishing itself within the leisure travel industry. It seems that this increasingly authentic taste has now entered the leisure real estate market in a marked way, with luxury consumers looking to commit to longer stays in remote areas that offer healthier and more active ways of living.
In Mexico, new luxury destinations are emerging on the fringes of traditional demand centers. RLH Properties launched the ultra-exclusive One&Only Mandarina in a remote part of the Riviera Nayarit coastline last year, presenting the brand’s first residential offering, One&Only Mandarina Private Homes. Their 55 villas offer ample indoor and outdoor space, with lifestyle amenities ranging from fireplaces to infinity pools. Kappner Clark, chief marketing officer for RLH Properties, describes the villas as indoor/outdoor living at its best. “The essence of the Mandarina is being one with nature and, to that end, the house has indoor/outdoor living areas and a kitchen that opens onto a large terrace where you have views of the water or mountains,” he says.
Remote luxury is also being showcased further south in Belize, where the Four Seasons Caye Chapel is expected to open to guests in 2024. The project will include 24 branded beachfront residences, and the hotel will be the first luxury brand to enter the Belizean market. The project is steps away from the world’s second largest barrier reef, and the development will pay homage to its stunning setting by dedicating 90 percent of the island to conservation, nature reserves and outdoor experiences.
Similar trends can be seen around the world, with new leisure destinations emerging. Colin Hannan, Principal at Proven Partners, a real estate marketing partner for luxury second home developers, is working on a number of luxury projects in a variety of international markets. “In Zanzibar, we launched Johari Beach Residences late last year and sales interest has been worldwide, with requests coming in from over 23 countries to date. Our first phase villas are now fully booked, with the majority of buyers sourced via digital channels,” said Hannan. Zanzibar appears to be on the verge of major growth, with Four Seasons mooted to open a sister hotel to the Serengeti outpost in the near future.
In Europe, a similar trend can be seen in emerging markets. “Our partner in Montenegro, Ena Capital, has just launched Terra Homes in the up-and-coming mountain destination of Kolasin, offering luxury villas in a year-round adventure destination,” says Hannan. ‘We have project partners in various destinations starting from St. Barths to Big Sky — overall this second home destination has shown tremendous growth in the last two years.” Montenegro has boasted the recent openings of Safe and One&Only, positioning it as a new destination at the pinnacle of boutique luxury.
From America to Europe and onward to Africa and Asia, the future looks bright for the luxury second home market.
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