What is a dream home? The concept has undergone a significant evolution across the ages—from the Paleolithic era when it was simply a shelter from the elements to a place that reflects how far one has come in life. But in a world waking up to a new reality created by the Covid-19 pandemic, it appears to centre around the idea that dominated during the industrial revolution.
“Your home is your sanctuary” is a notion that will influence the post-pandemic landscape, according to Victoria Garrett, head of residential for Asia Pacific at real estate consultancy firm, Knight Frank. “Covid-19 has completely changed the way most of us view our homes—they now need to encompass many diverse atmospheres under one roof, becoming not only our places of rest but also our office, gym, and cinema,” agrees Victoria Edwards, design director at the Singapore office of international interior architectural practice Wilson Associates.
Being cloistered from the outside world has also led to introspection. “The crisis created a moment for people to focus inwards on those nearest and dearest, and to simplify their lives,” says Edwards.
1. Location matters even more than before
People are going to get even more particular about where they want to live. Beyond considering how best to preserve their wealth, high-net-worth investors will also be evaluating appropriate means to protect their families.
“While in the past, wealthy clients sought to establish an alternative citizenship or residence in countries that provided the best access, resources and opportunities; now, some of them are considering coronavirus response and pandemic preparedness in general, among other criteria,” says Dominic Volek, managing partner at Henley & Partners, which operates exclusively in the investment migration industry.