Minor International has revealed the latest trends in the luxury residential market for 2024, based on its experience and insights from its various projects, including its two recent developments: Kiara Reserve in Phuket, Thailand and Anantara Desaru Residences in Johor, Malaysia.
The luxury real estate sector in Southeast Asia is expected to continue its strong growth in the coming year, despite high inflation and rising interest rates, as the region benefits from the weakness in the European and US markets and the reopening of China. The company also noted a shift from domestic buying during the pandemic to more regional and international interests, especially from Russia and Europe.
One of the key trends that Minor has observed is the demand for multi-generation landed properties, which offer spacious and versatile living spaces for families and friends. The company said that buyers in the luxury residential market have become more sophisticated, with higher expectations on quality and material of the product use, being environmentally friendly, and seeking high level of privacy and seclusion.
To cater to these needs, Minor has incorporated sustainability and laid a path to net-zero as part of its overall development plan for both Kiara Reserve and Anantara Desaru Residences. The company has also focused on the well-being of the buyers, with active zones for exercise and workout, green zones for relaxation and walking/jogging, and lifestyle zones offering fun and entertainment, including new restaurant concepts, collaboration with chefs, pop-up concepts with artists and retail brands.
“In 2023, Thailand has proven to be one of the most resilient markets in Southeast Asia, thanks to its favourable climate, natural beauty, cultural diversity, and well-developed infrastructure,” said Mr. Micah Tamthai, COO of Lifestyle and Real Estate at Minor International. “Despite the challenges posed by the pandemic, the country has maintained its appeal among local and foreign buyers who are looking for a second home, a holiday retreat, or a long-term, sound investment. We expect the trend to continue into 2024.”
