The evolution of real estate trends in recent years has propelled a shift in the development landscape, particularly within the hospitality sector. The traditional concept of hotels is transforming, with a growing preference for mixed-use developments that seamlessly blend residential, hotel and commercial elements. This change reflects a desire for a more holistic and enriching lifestyle experience.

A significant driver of this transition is the changing demand for lifestyle offerings. People are increasingly prioritising wellness and seeking properties that cater to their health needs. As a result, residential mixed use developments are incorporating a wide range of amenities focused on promoting well-being, such as fitness centres, wellness spas, and sports facilities. The aim is to provide comprehensive experiences that foster physical and mental health. Sustainability has also emerged as a crucial consideration in the design and development of residential mixed-use properties. Buyers are becoming more conscious of the environmental impact of their choices and are seeking sustainable features.

The evolving housing trends within residential mixed-use developments have further shaped the landscape. With the rise of remote work, there is a growing demand for units that include office spaces. People are seeking second homes that can accommodate longer stays while still allowing them to maintain their professional commitments. Additionally, the incorporation of outdoor spaces has become paramount, as indoor/outdoor living is highly valued for second homes. Developers are integrating nature into communal areas within resorts, creating a seamless blend between the built environment and natural surroundings.

Buyer preferences have also shifted towards turn-key properties, moving away from the traditional buy-to-build model. Today’s buyers want immediate possession, preferring properties that are move-in ready. This trend aligns with the demand for hassle-free living and the desire for instant gratification. Additionally, the presence of stunning views, such as sea or mountain views, can command a significant premium, underscoring the influence of prime vistas on property values. Furthermore, managed units, such as branded residences, have become increasingly popular due to their convenience and no-hassle approach. These properties offer a range of services, giving residents a luxurious and stress-free lifestyle.

The transformation of residential developments to incorporate mixed-use components reflects the evolving desires of modern homeowners. The focus on wellness, experiential amenities, sustainability, office spaces, outdoor living, turn-key properties, and prime views demonstrates a paradigm shift towards creating comprehensive and enriching living experiences. As the real estate industry continues to adapt to these changing trends, there is enormous potential to deliver residences that meet the evolving needs of buyers and shape the future of residential living.

Prime purpose-built resorts: geographic distribution

Source: Savills Global Residential Development Consultancy

What makes a good purpose built resort?

QUINTA DO LAGO, PORTUGAL

Jamie Robinson – QP Savills,  Algarve

What makes a good purpose built resort?

A good purpose built resort is really the sum of its parts: location, facilities, services from the operators, connectivity, and its food, cultural, and recreation access. Quinta do Lago offers all of these things along with its long-standing reputation going back over 50 years. One of the secrets to Quinta do Lago’s success is that it keeps reinventing itself which means that buyers are choosing to stay, limiting the number of properties coming to the market each year.

Health and wellness are front of mind with buyers looking sports facilities and other services for healthy living. They are also prioritising home office spaces and Wi-Fi, as well as business centres on the property to enable hybrid working. With that comes the need for larger units, as residents are spending increased amounts of time here and choosing to send their children to the local schools. Quinta do Lago isn’t just integrated as a resort but it’s also integrated into the wider community.

PORTO MONTENEGRO

Kieran Kelleher – Dream Estates Montenegro

What are your clients looking for in their resort properties?

Clients in Porto Montenegro are seeking a sense of community through fully self-contained resorts with shopping, entertainment, schooling, etc. For these resorts to be truly successful, the expectations of all stakeholders should be exceeded – everyone needs to be happy with the resort, the neighbourhood and the wider environment.

Porto Montenegro was originally a port for the navy, but now is a port for some of the greatest yachts in the world. The two neighbourhoods of South Village and Boka Place have attracted buyers globally for their attractive capital values with the potential for price growth. The region also is safe and secure, with a significantly lower cost of living. The resort is also very well connected – within a five-hour flight for 600 million people.

VIETNAM

Matthew Powell – Savills Vietnam

How have your clients’ needs evolved for new build resorts?

Our international and Vietnamese clients are well-travelled but appreciate the Vietnamese character and design and service levels that are offered. They do want to have the same (or better) resort experience that they have in other locations but they want to know they are in a unique place, not just a generic beach resort.

There needs to be a combination of variety, design, seamless integration between the physical and operational aspects of the resort to make a seamless experience. It is a constantly evolving market with new trends so thinking about design features that can be evolved over time to maximize future opportunities and minimize possible future risks – its not fun to have an outdated resort in 15 years’ time that will need a full re-investment.

BARBADOS

James Burdess – Savills Caribbean

What are some new schemes attracting buyers to Barbados?

Following the pandemic, people are seeking fresh air, open spaces and, in short, a great lifestyle. A number of new developments have come to market in Barbados in recent years which make his lifestyle easy, including Porters Place, Azzurro, and Ocean Grove. New ownership at Apes Hill has also made way for significant investment including more than 80 new properties and improvements to the 18 hole golf course.

Our clients have discovered that working from home can now mean working from anywhere, including a break from European and North American winters, in a region where fundamentals such as excellent digital infrastructure, education and healthcare are well-established, bringing more residents to the new purpose-built schemes each year.