The pandemic has brought about a possibly permanent shift in our view of home. Despite the new love affair with the coast and the countryside, the conviction for most remains that the city lights will draw us back, but that we will wish to change the way we live in the metropolis. The walkable urban lifestyle seems set to be the new ideal. In the 15-minute city, education, entertainment, healthcare and work would all be within a 15-minute trip from home on foot or by bike. There’s also demand for more space.
As Mauricio Umansky, CEO of The Agency, says: 'Tastes shifted during the pandemic as home became the centre of the universe. Major cities will draw people back to their beating hearts, but the search for a bigger backyard or room to roam has caused a tectonic shift in inventory and pricing.'
This need for space has been mirrored in both Moscow and Shanghai where there has been increased demand for city centre flats.
We have seen a step change in second home ownership too. In Dubai, 2021 has seen an 'unprecedented influx' of international high net worth buyers looking for a second home and as Hugo Thistlethwayte, Head of Global Residential Operations, notes: 'There has been a realisation that a second home doesn’t need to be an hour from a main city residence, but could be in Aspen, Jackson Hole or Switzerland. This trend could make places like the Algarve, Mallorca and the south of France 52-weeks-a-year locations.'
Further information
Read more from our experts in Athens, Delhi, Dubai, London, Moscow, Los Angeles and Shanghai in Impacts: Lifestyle choices impacting global residential