The firm stated that the trend of splitting time between a city-base and a second home is beginning to take off
Savills has said that increased emphasis on lifestyle has led property buyers to ask for greater indoor and outdoor space, and focus on wellness credentials and connectivity to their homes. The findings were part of its Global Destinations for Second Homes report on top second home locations in the world.
The firm stated that while hybrid working has been widely discussed, the trend of ‘hybrid living’ – splitting time between a city-base and a second home – is beginning to take off. Flexible work arrangements now allow users to use second homes more throughout the year, rather than just a few weeks during peak holiday seasons, creating more than just a holiday home, the firm pointed out.
“With the increased focus on personal health and wellness, second home locations have to pull double-duty by providing both the traditional sun, sea and countryside, as well as the key amenities to promote personal wellness. Looking ahead, we expect some second home markets to become even more domestic and regional, as buyers continue to value close proximity to their city base for easy commuting by train or by car,” says Kelcie Sellers, Associate, Savills World Research.
In September 2022, in an exclusive interview with Middle East Construction News, Jennie Stallings, Partner and Commercial Manager at ChelseaGREEN said, “Wellness initiatives deliver commercial benefits and there are studies to demonstrate ROI for the business”. Stallings made the comments ahead of her presentation at Middle East Consultant’s 2022 Wellness in Construction Summit, which took place on 5 September.
The company’s research arm, Savills Research, said it examined three second home locations within easy access to a major world city and ranked them based on the residential offering, wellness amenities, and connectivity:
|World city||Top wellness second home locations||Average price for a three bed+ home in $|
|New York||Palm Beach||$7,590,000|
|Dubai||Costa del Sol||$1,860,000|
The firm said that the locations that excel are those offering ample gyms, high numbers of golf and tennis courts and access to spas. Air quality is also a key element in the wellness score as well as internet connectivity and the need to be close to a major world city, it stated. In early September 2022, the UAE Ministry of Climate Change and Environment introduced its National Air Quality Agenda 2031.
Savills revealed that the Côte d’Azur (French Riviera) is the top destination for three world cities. The depth of the property market, abundance of wellness activities, and strong connectivity has kept the international destination on buyers’ wish lists for over a century, it explained.
In late September 2022, Nakheel unveiled its new brand focus in line with Dubai 2040 Urban Master Plan and said that it will focus further on developing inclusive communities and ensuring the wellbeing and quality of life of citizens, residents and visitors.
It added that Spain was also a key market for second homes for buyers from across Europe. Sotogrande, the wider Costa del Sol, and the Balearics were revealed as key destinations for buyers from Germany, other northern European nations, and even Dubai. Over the past 12 months, prices in the Costa del Sol and the Balearic Islands have increased more than 10%, as buyers bid up prices for the limited supply of residential property, it remarked.
For Dubai, which is one of the top performers in the Savills World Cities Prime Residential Index, its strategic location gives it access to second home markets in Asia, Africa, and Europe. The top three second home locations listed for Dubai were Maldives, Seychelles, and Costa del Sol in Spain, Savills highlighted.
Swapnil Pillai, Associate Director – Middle East Research commented, “With its unique and strategic geographical location, Dubai is easily accessible to the east and the west, allowing its primarily expat residents a range of options to choose from for their second homes. Further, Dubai International Airport is one of the most connected airports internationally, which ensures that people can seamlessly move between their residences located in multiple locations.”
Zāzen Properties also announced its new sustainability and wellness project in Dubai later in September 2022.
In its analysis of second home locations with wellness credentials, Savills said it also created its inaugural ‘Yoga Index’ for those looking for the ultimate retreat.
By measuring the number of yoga studios and classes, quality of life, air quality and access to necessities such as high-quality leggings and low-cost smoothies, the index can be used to identify locations, which might be most desirable for buyers looking to prioritise wellness or for those considering a new business venture, Savills explained.
The firm said that yoga has long been associated with wellness and revealed that the industry is worth approximately $80bn and has an estimated 300m people (and counting) practicing.
In June 2022, real estate brokerage Union Square House (USH) stated that a quarter of homebuyers in Dubai are on the hunt for living spaces that provide mental health benefits.
The firm’s Yoga Index ranked Bali and Phuket as the top locations. Savills said that both are well-known destinations and have built their brands on yoga retreats and getting back to nature. Each location has a high number of yoga studios where classes can be taken for relatively low costs.
They also have low-cost yoga essentials and high quality of life scores. Three European locations round out the top five – Liguria, Galicia and Costa Del Sol, the last of which is listed as a second home destination for Dubai, it concluded.