Demand has increased in the expensive real estate market, and new trends in the design and arrangement of housing have emerged
In 2023, all over the world – from New York and London to Moscow and Dubai – realtors noted an increase in sales of expensive and super-expensive real estate. According to Knight Frank, by the fourth quarter of 2023, the volume of transactions in the world increased by 11% compared to the same period in 2022. Along with the growth in demand, new trends in the design and arrangement of real estate have emerged. Development Director at Rariteco Ekaterina Borisova talks about the five main product trends in the luxury housing market.
1. Stealth Wealth is still in fashion
Originating from the world of fashion, the trend towards stealth wealth continues to develop in the market of luxury mansions and apartments around the world. Minimalist design, open spaces, the absence of unnecessary decor and furniture, as well as excessive space – this is only the outer shell, behind which hides sometimes incredibly expensive innovative or natural materials, discreet, but almost museum-quality antiques, handmade vintage furniture.
The trend is so strong that at the beginning of 2024, one of the world's largest publishing houses specializing in design catalogs, Beta-Plus, created the Quiet Luxury design book. In it, the authors have collected a collection of 18 houses and apartments in Paris, Madrid, Dubai, New York, Melbourne, Stockholm, Athens and other cities of the world. According to the editors of the BBC cultural department, who dedicated an editorial to this catalogue, “these houses do not shout, but whisper about luxury.”
The trend is clear: in the era of the impending dominance of artificial intelligence and 3D printing, owners of large capital want to invest in craft material culture, original design, and a human approach to business. At the same time, architects, designers and the buyers of luxury real estate themselves do not want to enter into a discussion with the dominant left-wing mainstream (ecology, social responsibility), which gives rise to the trend towards quiet luxury.
2. The house as a museum collection
A logical continuation of the trend for quiet luxury is the growing interest of the world of super-rich people in art objects, art objects and antiques. And if earlier such collections were most often kept in private galleries or traveled around the world, glorifying the name of patrons, now they literally become the subject of home design. One of the richest Americans, Ken Griffin, in 2023 finally decided which of his ten houses built around the world he would live in, and chose a mansion in Florida. By the way, Griffin is building another estate there, whose value will reach a record $1 billion. He is moving a huge collection of art objects with works by Jackson Pollock worth tens of millions of dollars to his new home.
The ongoing trend towards minimalism and restraint forces rich people to look for new ways to demonstrate to everyone (and not to forget themselves) their social status. If the wall in the house cannot be gilded, but must be simply white, then why not decorate it with the work of a contemporary artist for a fabulous price. Moreover, art does not have to cost a lot of money: now houses are decorated with rare interior items made to order by small design studios.
The main thing is that in a minimalist home, accents are created by atypical objects, furniture, and lighting fixtures that claim to be works of art. Of course, not everyone understands art, much less can successfully integrate the works of masters into their home interior. Therefore, for example, we have established the position of a chief designer in our deluxe quarter project in Zamoskvorechye, who will help future residents personalize the interior, including using such techniques.
3. Spathroom: focus on health
Physical health and mental well-being are clearly becoming priorities for luxury home owners. The process is natural: the billionaires of the era before the global recession (2008) are not getting any younger, and new generations of wealthy millennials have already grown up with the idea of total self-care. And we are also seeing less and less enthusiasm from clients interested in new deluxe buildings in Moscow about premises for home cinemas or billiard rooms. On the contrary, more and more questions arise: “Is it possible to expand the bathroom? Is it possible to create a spa (meditation, sports, massage – underline as appropriate) area here?” In other words, residents of expensive houses increasingly want to have a certain in-house hub to maintain their health.
In the global luxury housing market, this trend even gave birth to a new word – spathroom – a combination of the words spa and bathroom (bathroom, bathroom). This is the name for an expanded space for medical and cosmetic procedures, meditation, massage, usually included in the bathroom or adjacent to it. The latest trend in this regard is swimming pools with ice water, which is supposed to have a positive effect on blood circulation and mental stability. However, the trend towards health care is not limited to the walls of the spathroom. Residents of the houses install the most modern equipment for air purification and lighting systems, which artificial intelligence adjusts to the circadian rhythms of the residents.
From monochrome minimalism to moderate colors
While minimalist design with its clean lines and neutral palette (white, graphite) remains popular, there is a shift towards more color and personality in luxury homes. Homeowners are choosing warmer, earthy tones to make the space feel dynamic and lively. This includes a variety of colors: from beige to crimson or green – the main thing in them is the same restraint and naturalness.
Perhaps the best illustration of this trend is the color Viva Magenta, which is recognized as the color of 2023 according to Pantone (creators of a standardized color scheme). This deep and energetic yet understated hue adds personality to decor, reflecting a gradual shift away from stark minimalism.
At the same time, natural materials such as wood, stone and leather are increasingly appearing in luxury homes, but not in standard and in special processing techniques that detail, highlight the natural texture and colors of these materials.
5. The home office of millionaires becomes multifunctional
Remote work continues to be a trend for high-income people around the world. In early 2024, an article was even published in the prestigious Fortune magazine, which described this trend: business owners, top managers and the most valuable qualified specialists are staying home or going to a hybrid schedule, while blue collar workers are returning to the workplace. The observation of Richard Lambert from Burgess Yachts (the world's largest yacht seller), who talks about growing requests for the creation of a convenient office for remote work on ships, also speaks volumes about the work style of the richest people on the planet.
In houses, of course, offices are also needed. And if earlier this was a relatively utilitarian space, now residents of expensive estates and apartments want to see multifunctional offices: spacious and with upholstered furniture. Moreover, the office can simultaneously play the role of a library, a place for solitary reading, and sometimes becomes a kind of man cave (what we call a “men’s den”). At the same time, the room may provide access to a storage room for valuables, a wine cellar, or massage and meditation rooms. In addition, luxury home offices increasingly feature a predominance of natural light (second light, large-format windows).
To summarize: the lifestyle philosophy in terms of home improvement for the ultra-wealthy will gradually change in 2024. General trends – minimalism, pragmatism, restraint – will remain, but will be transformed into a more complex product, whose buyers value exclusivity, eloquent interior items, about the history of which guests can read a whole lecture. You can surprise your guests with a responsible approach to self-care by inviting them to an ice pool, a meditative room or a personal spa room.
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