The Rise in Luxury Hotel-Style Designer Apartments
The “bleisure” market, that mixes business and leisure, is the current and newest wave of luxury property developments across the UK and the globe. The rise in demand for luxury hotel-style designer apartments comes with the trend of more young people wanting places to live that look and feel luscious/modern. Countless developments are finishing, and many more are in the process of construction.
These apartment blocks feature luxury amenities including; indoor pools and spas, 24/7-hour concierges, rooftop bars, and room service straight to your door whenever you want. As long as you’re willing to pay the price for these luxury apartments, they’re on another level of living. Over the past decade, this style of living has only continued to grow, which is why the likes of RWinvest are boosting further sales of these properties. Through adding these exclusive extras that you wouldn’t typically expect, investors and landlords can charge tenants more money in rental repayments.
Interested in learning more about the rise of luxury apartments and what it means for the property market as a whole? We’ve collated lots of information and facts around this booming trend and how you can expect it to impact you if you want to invest in property anytime soon.
Why are luxury apartments popular?
There have been luxury apartments around for decades, and while they change in terms of amenities, the demand only continues to grow. Why? The exact reason is unknown, but what we do know is that people want somewhere to live that provides all-inclusive amenities in order to live a luxurious lifestyle. This is especially true for students and young professionals who wish to be provided with services due to busy schedules. After all, who doesn’t want to relax at the end of the day in their pool? We all know you’re dreaming of having a head massage in the spa too!
Plus, developers such as JLL have said that serviced apartments are capturing the trend for travellers who are looking for a ‘home-away-from-home’ that has work and social spaces, food and luxury amenities.
Is there a demand for this style of apartment?
Yes, there is a huge demand for this style of apartment, especially as more people are turning to renting over buying. Investors looking into buy to let opportunities should jump at the chance to purchase a property that will offer such facilities. Not only will these apartments be rented out quickly to tenants from potentially across the globe, but they also pose as significant assets for capital appreciation as areas gain more momentum in the property market.
What sort of rental repayments can I expect from a luxury apartment?
Rental repayments will depend on multiple factors. The location is a huge factor to consider as you will obviously get more in rental repayments in more expensive areas such as city centres, and larger cities like London. However, location also impacts how much your property worth in a few years. Properties in London may get more in rental repayments, but you will most likely lose money in the long-term as the property or development decreases in value. Plus, you will pay a larger chunk of money for a London property. The number of bedrooms and bathrooms in a luxury apartment will also impact how much you take in rental repayments. Typically, one bed apartments or studios are the more affordable options, and the 2 or 3-bed apartments cost more. While you will pay a little more for more bedrooms as an investor, you can be sure the returns will be lucrative.