Health is the New Wealth – and that includes residential property
According to the Global Wellness Institute*, health is the new wealth, with wellness features and healthy design considered key components in luxury properties.
Wellness amenities for luxury properties have expanded from gyms, spas and swimming pools to a wide variety of design features that encourage contact with nature, mindfulness, sleep and other aspects of mental and social wellness. The Institute predicts that many of these features will increasingly be found in mid-market and more affordable properties, including purpose-built rental communities of single and multi-family homes.
According to the Global Wellness Institute’s report, ‘Wellness Real Estate: Market Growth (2019-2023), & Future Developments’, wellness real estate has been the fastest-growing market in the wellness economy sector over the last six years, surging from USD225.2b (R4125.41b) in 2019 to USD438.2b (R8027.33b) in 2023.
Says Dr Andrew Golding, chief executive of the Pam Golding Property group: “The trend towards connecting with our natural environment, among other contributory factors towards wellness from both a mental and physical perspective, continues to gather traction. South Africa is particularly well suited to this movement given our great climate and outdoor lifestyle, as well as the exceptional natural beauty of our surroundings – both coastal and inland, combined with expansive green open spaces.
“The GWI report places the 18.1% annual growth rate for wellness real estate during this period into perspective, as the annual growth rate for overall global construction was only 5.1% during the same time frame. Furthermore, the GWI forecast that the wellness real estate market will grow by 15.8% annually from 2023 to 2028, when it is anticipated to approach the trillion-dollar mark – with USD912.6b (R16717.80b) forecasted for 2028.”
The GWI says that wellness lifestyle real estate – defined as homes that are proactively designed and built to support the holistic health of their residents – puts people’s wellness at the centre of the conception, design, creation and redevelopment of our homes and neighbourhoods. Many elements of the green/sustainable building movement, design-driven movements, the food movement, New Urbanism, intentional communities and others, are already being adapted, mixed and incorporated in innovative ways into new and upcoming wellness-focused residential projects and communities.
Says Dr Golding: “Positively, the GWI recognises there is growing demand across all demographic groups to incorporate more wellness into all types of living environments including urban high-rises, suburban homes for families, rental apartments, university/college housing, senior independent living, assisted living, co-living and co-housing for all age groups, and digital nomads seeking co-working and short-term living arrangements.
“The GWI reveals that post-pandemic, across the world, there is rising demand for buildings, homes and communities that help people to live a healthier lifestyle and protect their health, creating vast potential for the wellness real estate sector. The renewed appreciation for green assets that began during the pandemic has continued to build, with a growing interest in incorporating more parks, natural areas for outdoor recreation, landscaping, trees and green public spaces into more projects and communities.”
Coupled with this, says GWI’s report, to combat loneliness and social isolation, many projects are employing pro-social design features to make people feel more connected to street life and to their neighbours, to allow people to gather in public spaces, and to encourage spontaneous social interactions. Developers have opportunities to create unique wellness living concepts by leveraging locational and site-specific characteristics, such as unique city amenities, urban greenspaces, nature preserves, mountains and bodies of water, outdoor sports facilities, thermal/mineral springs, local, historical and cultural heritage sites, and proximity to world-class medical technologies and health offerings.
Issued by: Gaye de Villiers on behalf of Pam Golding Properties
* The Global Wellness Institute (GWI) is a nonprofit organisation with a mission to empower wellness worldwide by educating public and private sectors about preventative health and wellness.
