Owning a property has become a key investment for many people. Indeed, the property is eternally named in that age-old formulation of the prime requirements for survival — Roti, Kapda, aur Makaan.
Chanakya had stressed this centuries ago in the Arthashastra:
“of the excellence of land, affording shelter is best.”
In the above verse, the onus is not a mere shelter but an emphasis on a sound alternative investment avenue in ‘Property’. A wise investor is one who evaluates all alternatives and chooses the most resilient one.
Dubai has been a dream destination for Investors with a conducive government that ensures Investor protection, believes in transparency, and ensures ease of doing business while providing a tax-free environment backed by robust financial, physical, logistics, and tourist infrastructure. Add to this the fact that it is a high yield market than many mature markets earning 5-15% returns and that is the reason Investors come here from all over the globe. Ranked as the 4th most visited destination in the globe, Dubai is an affordable destination to own real estate as it happens to have a comparatively lower real estate price (per sq ft.) than many other cities.
One of the first economies of the World to come up and running post-pandemic, Dubai and UAE have showcased a need for going beyond mere Real Estate Development as the Customer priorities have changed. The concept of ‘WELLNESS’ has become the mainstay of the recent surge. While the market is filled with normal Real Estate offerings as well as Luxury Real Estate in terms of facilities and provisions, there is a crying need for an Urban Wellness based development as other offerings in both normal and luxury Real Estate have been replicated and reached a state of the plateau.
People want a home to provide not mere shelter but also have the potency to a high quality of life. This in turn has spun off the building of modern homes with an uncompromising approach towards health and well-being and in some cases, a measure of well-being quotients. When homes have essentially become your first line of defense against disease and virus, it is naturally leading to a tilt for mindful investment in properties. This ensures that you are protected both financially as well as health-wise. Customer wellness is the core belief of the Wellness Real Estate Industry.
However, it is equally essential that you are able to differentiate such investment opportunities from those which are mere words based on taking advantage of an existing fad to those who are the serious players in the market. We aim to provide a guideline in this regard. The aspect of Wellness is highly scientific and naturally requires scientific backing for the claims being made. One such global Organisation, which is into the certification of buildings is IWBI (International WELL Building Institute) who have designed protocols and listed measures to qualify for a project/ home/ real estate to the Wellness Category. This also ensures that the built environment stays updated and upgraded due to continuous audits and recertification requirements.
Scientific bodies like the Global Wellness Institute are a good platform for research as well as peer-reviewed articles and publications providing great insights into the Wellness as well as Wellness Real Estate industry.
Value investment based on value judgment is an essential aspect for an investor. Wellness Real Estate is one such sunrise Investment opportunity and the growth trajectory is evidence in itself. Current projections show that the global wellness real estate industry will reach a value of US$197 billion by 2022, growing by 6.4% annually since 2015. In North America alone, the market is worth US$ 52 billion, with 1.3 million buyers each year seeking wellness communities and wellness homes to live in.
The COVID Global pandemic has made this realization universal. People are taking notice of the fact that we spend 90% of our time (as per WHO) Indoors. It is essential that we pay attention to our built area, be it our homes or office. This realization is universal across age and gender groups, especially among the rich, ecologically-aware Millennials and Gen Xers. 90% of luxury homeowners say their personal wellness is their top. Additionally, nearly 30% of consumers from all income ranges are willing to pay more for real estate that prioritizes Wellness.
Such a tilt towards Wellness has turned out to be a silver lining for the beleaguered Real estate industry, especially the hidden gems which were in the Wellness Real Estate space. Considered as a niche space earlier, this has now become a mainstay propelling staggering growth as ‘Wellness’ is now considered an essential rather than a luxury. This is truer in the case of people who want to live than merely exist.
Realizing this gap in the GCC Market, Urban Wellness Real Estate Development Company (UWRED) has pioneered the concept of a destination Urban Wellness Hotel Apartment in its offering Tranquil Wellness Tower, Dubai. This is a first-of-its-kind hotel apartment tower in the region offering 270 rooms and an open door for Investors. The salient features of this investment opportunity are :
- An asset created in a global location
- Constant asset appreciation
- Return adjusted payment plans
- Ticket sizes match your budget
- Lowest service charges
- No fear of termination
- Exit and liquidity provisions
- Endless Wellness benefits
- Hassle-free asset management
In conclusion, Wellness real estate evolution has been rapid due to the pressures of the pandemic and the changes it has wrought on everyday living and working. The trends of green living, sustainability, climate awareness, and wellness tourism only propel this sector further and higher.
It is indeed a matter of pride and elevating that the concept of ‘Wellness’ and ‘Sustainability’ is in line with two of the ancient belief systems of the World: Jainism in their motto :
Sarvae jano sukino bhavanthu
With the increasing awareness of how our environment impacts our health, Wellness Real Estate is truly bringing the movement home.