Why ‘wellness’ equals sales in the current property market
Why ‘wellness’ equals sales in the current property market
Why ‘wellness’ equals sales in the current property market
Why ‘wellness’ equals sales in the current property market
Property developments with a wellness and leisure focus can see increases in property values. Growing urbanization in most countries around the globe has also increased less glamorous statistics—namely pollution, traffic, noise and anxiety.
It’s not a surprise to find a corresponding increase in the amount of property developments or entire neighborhoods that are classifying themselves as green, relaxing, or that new age phrase, “wellness centers”.
To be clear, “wellness” is nothing new. The ancient Chinese invented the concept of feng shui many thousands of years ago to promote harmony and balance within houses and communities.
However, the recent upsurge in the concept of mass wellness within apartment blocks and communities—as driven by property developers—is much more recent. As you will see, there are some salient reasons for this trend.
Noise and air pollution
As cities grow, they become noisier and, generally, more polluted, depending on the legislations around emissions, and the ratio of cars to humans.
Property developers are aware of this and many strive to mitigate these stressors by amending the structure of the buildings themselves. High quality double-glazed windows can reduce sound levels by around 20 to 65 percent as well as cut energy bills.
Many commercial air purifiers require a number of devices and air transfer systems, which may in turn require substantial amounts of energy. Some property developers are turning instead to more organic solutions, with green walls and numerous gardens throughout their developments. Plants also help to improve humidity, regulate carbon dioxide concentration, ionize particles in the air and suppress noise.
A new project called STH BNK, which has started construction in Melbourne, Australia, will have the largest vertical garden in the world. Combined with its other outdoor spaces, STH BNK will have over 15,500 sqm of landscaped green areas.
Economic benefits
It’s wonderful to have wellness elements integrated into new apartments and neighborhoods, but at the end of the day, they still need to be financially viable.
It has been found that property developments with a wellness and leisure focus can see increases in property values and rental income. Additionally, they frequently draw a base of dependable, long term tenants, thus lowering turnover and vacancy rates while increasing return on investment.
Government and regulatory support
Many governments, whether local councils or federal authorities, are realizing that public health and wellness are important parts of their overall housing strategies.
Policies and incentives for green buildings, public health, and community well-being are encouraging property developers to steer in this direction for future projects.
For example, Hudson Yards in New York City is a huge development which is renowned for its extensive green spaces, wellness programs, and public fitness centers. The project emphasizes sustainability with LEED-certified buildings and energy-efficient infrastructure.
