Four Seasons Private Residences, New York
Photo Credit: Four Seasons
The luxury real estate market is rapidly evolving, driven by shifting buyer preferences, economic trends, and technological advancements. As the era of remote work and global mobility accelerates, more ultra-high-net-worth individuals (UHNWIs) are purchasing multiple homes in upscale destinations around the world. The Knight Frank Wealth Report reveals that the average UHNWI owns 4.2 homes globally, while their Global Super-Prime Property report shows a significant 66% rise in sales of US$10 million+ homes over the past five years.
As the luxury property market continues to grow, with Altrata projecting the number of UHNWIs to grow by 38% by 2028, there also appears to be a shift in buyer preferences. Although traditional urban hubs such as New York and London remain popular, second and third-home buyers are increasingly attracted to emerging luxury lifestyle destinations, with many sales focused in upscale destinations such as the Bahamas and Tuscany.
“Ultra-high-net-worth individuals are moving beyond second or third homes, increasingly building entire collections of personal residences across the globe,” says Colin Hannan, principal of Proven Partners, a leading advisory and real estate marketing agency for high-end developments. “These properties are more than homes – they’re expressions of lifestyle and identity, blending luxury, functionality, and location.”
Whether a personal portfolio includes a beachfront villa, a mountain chalet, or a downtown penthouse depends on the individual’s lifestyle and preferences. However, a shared priority among these buyers is privacy and exceptional comfort. This has driven the growing demand for serviced residences, which provide luxury and professional upkeep, ensuring they’re always ready for use even when owners are away.
Spa Montage, Los Cabos
Photo Credit: Montage
“We are recognizing a growing appeal for buyers seeking not only diversification from a traditional real estate portfolio perspective but also the desire for varied experiences,” Tina Necrason, Executive Vice President, Residential at Montage International, says.“Demand continues for properties in the Caribbean and Mexico, and the benefits of a serviced home come with purchase incentives offered by these jurisdictions. This trend is likely to continue with the increasing wealth transfer expansion.”
This increase in elite buyer investments has also led to developers changing the way they operate. Real estate developers in the luxury sector are responding by creating projects that cater exclusively to the UHNWI target audience. These new developments can include everything from private beach access and ultra-luxury brand partnerships to personalized, on-site concierge services that cater to every whim.
“Our clients are increasingly seeking properties that are different from their primary residences, and they are benchmarking their favorite hotels as the standards they seek.” Charles Davis, Director of Sales at UK Sotheby’s International Realty, says. “They are looking for something new and undiscovered; places that offer them privacy and exclusivity, with many opting for branded/serviced residences in lieu of having to employ and manage additional staff."
Owners still want their house to feel like home, with privacy, exclusivity, and community remaining top priorities. Developers are meeting these needs by focusing on thoughtful design, sustainability, and high-end amenities that create seamless and enjoyable living experiences.
“Developers see the immense value in fostering loyalty among ultra-wealthy buyers, but exceeding their expectations requires moving beyond traditional offerings,” Hannan says. “The most successful projects integrate brand collaborations, exclusive memberships, and tailored amenities, all while prioritizing the pillars of security, privacy, and community. Ultimately, it’s about delivering exceptional real estate through a clear vision and flawless execution.”
These trends mark a turning point in the ultra-luxury property market, where homes are no longer just assets but gateways to curated lifestyles. As developers innovate to meet the evolving desires of ultra-wealthy buyers, the focus shifts toward creating properties that seamlessly integrate exclusivity, experience, and investment value. This new era of luxury real estate is poised to reshape how the world’s elite live, connect, and invest.
Rocco Forte Private Villas at Verdura Resort, Sicily
Photo Credit: Rocco Forte
“Multiple properties serve as passports to different aspects of an individual’s lifestyle, whether it’s an idyllic escape, a networking hub, or as a pure investment,” Davis says. “Today’s luxury real estate buyers are seeking more than a home; they’re looking for an experience.”
