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Ready-to-Move-In Luxury Home Market to Hit US$ 1,173 Billion by 2034

06-14-2024 04:36 PM CET | Consumer Goods & Retail

Press release from: Fact.MR

Ready-to-Move-In Luxury Home Market to Hit US$ 1,173 Billion

The global ready-to-move-in luxury home market is estimated to reach a valuation of US$ 580 billion in 2024 and is projected to expand at a CAGR of 7.3% from 2024 to 2034. This upward trend reflects the increasing demand for ready-to-move-in luxury homes in the current real estate landscape. The rising disposable incomes of high net-worth individuals have significantly fueled this demand, enabling them to invest in upscale properties that offer both convenience and indulgence. As financial capacities grow, so does the aspiration for a higher quality of living, driving the market's expansion.

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There is a prevailing inclination toward luxury amenities among homebuyers, ranging from smart home technologies to lavish recreational facilities. These amenities not only enhance the comfort and convenience of living but also reflect a status symbol in today's society. Consequently, developers are witnessing a notable uptick in the sales of ready-to-move-in luxury homes, as they cater to the evolving preferences and lifestyle choices of affluent consumers. As the pursuit of luxury living continues to intensify, the demand for such properties is expected to remain robust in the foreseeable future.

Key Takeaways from Market Study

The global ready-to-move-in luxury home market is projected to expand at a robust CAGR of 7.3% through 2034. Sales are estimated to reach US$ 580 billion in 2024, with the market expected to grow significantly, achieving a valuation of US$ 1,173 billion by the end of 2034. This impressive growth is driven by increasing demand for luxury homes, which are anticipated to hold a substantial 60.2% market share in 2024. The rising disposable incomes of high net-worth individuals and their growing desire for upscale, convenient living spaces contribute to this trend, as more people seek to invest in properties that offer both luxury and immediate occupancy.

Regionally, the North American market is forecasted to expand at a slightly higher CAGR of 7.5% through 2034, reflecting a strong appetite for ready-to-move-in luxury homes in this area. Meanwhile, East Asia is projected to account for a significant 29.1% of the global market share by 2034, highlighting the region's increasing importance in the luxury real estate sector. The overall market dynamics are influenced by various factors, including economic growth, rising urbanization, and the evolving preferences of affluent buyers who prioritize high-quality living standards and convenience.

List of Key Companies Profiled in The Report

Houzz
HomeAdvisor
Yelp
Angie's List
Algedra Group
HomeAdvisor Inc.,
Yellow Pages
Al Zaher Interiors
Better Business Bureau
Others

Factors Driving Growth in Luxury Home Market in the United States

According to a recent analysis by Fact.MR, a prominent market research and competitive intelligence provider, the luxury home market in the United States is experiencing significant growth, fueled by multiple factors including rising disposable incomes and a preference for upscale amenities. Dominating 82.3% of the ready-to-move-in luxury home market share in North America, the nation stands as a beacon of affluent living.

The surge in demand for luxury homes in the United States can be attributed to a confluence of factors, notably the desire for convenient access alongside privacy and security. Discerning buyers prioritize residences that offer seamless proximity to urban conveniences such as high-end shopping, fine dining, and cultural offerings, while also serving as sanctuaries from the urban hustle.

Elevated concerns regarding privacy and security are compelling buyers to seek properties equipped with advanced security systems, gated entrances, and secluded surroundings. This blend of convenience, privacy, and security is fueling the escalating demand for luxury homes throughout the United States.

Meanwhile, in China, the burgeoning interest in luxury homes among residential buyers is being propelled by the rapid pace of urbanization. As cities expand and populations swell, there's a burgeoning need for premium residences that provide a high-quality living experience. Affluent buyers in China are actively seeking properties that offer both comfort and status, thereby driving the demand for luxury properties. With urbanization showing no signs of slowing down, the appetite for high-end homes in China is poised to remain robust in the foreseeable future.

Technological Advancements

Technological advancements have significantly influenced the ready-to-move-in luxury home market. Modern luxury homes are often equipped with smart home technologies, including automated lighting, climate control, security systems, and entertainment systems. These features not only enhance the living experience but also appeal to tech-savvy buyers looking for convenience and efficiency.

In addition to technology, the amenities offered by ready-to-move-in luxury homes are a major selling point. These properties typically include high-end finishes, designer interiors, gourmet kitchens, spa-like bathrooms, and extensive recreational facilities such as swimming pools, gyms, and private theaters. The inclusion of such amenities ensures that buyers receive a complete lifestyle package, further justifying the premium price tags of these homes.

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Market Competition

In the market for ready-to-move-in luxury homes, competition among key players such as Houzz, HomeAdvisor, Yelp, and Angie's List is fierce as they vie for maximum profits. These platforms are employing various strategies to attract affluent homebuyers, including offering comprehensive listings of high-end properties, showcasing immersive virtual tours, and providing personalized concierge services.

Strategic partnerships with real estate agencies and exclusive access to off-market listings are common tactics employed to gain an edge in this competitive landscape. Ultimately, in the pursuit of profitability, these competitors continually innovate to deliver unparalleled luxury home-buying experiences, catering to the discerning tastes of affluent clientele.

Contact:

US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

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