One’s home is more than just a place to live. A look at Maslow’s hierarchy of needs shows that after safety and shelter, people seek love and belonging, esteem, and eventually self-actualisation.
For many, their home will span across all these thresholds at varying degrees … probably explaining why they continue to take the plunge towards this single largest investment in their lifetimes. Trends in real estate indicates that buyers are pushing to fulfil more of their life’s needs through their home purchase.
What once used to be more basic structures providing shelter, homes are now expected to provide a sense of community, facilities, convenience, and, even, prestige. These components have become increasingly important to new buyers who are more focused on the lifestyle offering. It makes sense that over the years the tide has shifted in favour of community-based living; with open, bright spaces and easy access to a wide range of services such as schools, parks and restaurants.
Studies have shown that our level of happiness is increased when we are closer to other people.
In fact, ServiceMarket’s recent study to find the happiest Dubai neighbourhoods placed Emirates Living (Springs, Meadows, Lakes, Greens, The Views, and Hills) in the top spot, with an overall average rating of 4.16 out of a maximum of 5. Their abundance of green spaces and amenities offer residents a sense of community, coupled with high quality large villas and town houses that give a feeling of status and style.
Second on the list was Jumeirah Lake Towers and Jumeirah Park, with a rating of 4/5, based on the quality of the local infrastructure and amenities, such as parks, and easy access to restaurants, schools and community centres.
However, as populations climb along with urban densities within cities, space comes at an ever-increasing premium — meaning buyers will usually have to make a sacrifice and choose between central locations and public facilities and community spaces. According to projections from the United Nations, 66 per cent of the world’s population will live in cities by the year 2050 — up from 54 per cent today.
In response to these trends, we have seen the rise of a new concept by savvy developers — the urban resort. By combining intelligently designed apartments with ample open community spaces along with world-class lifestyle amenities, developers are now creating environments that taps into the modern pursuit of urban living while providing the benefits of suburban locations.
This type of accommodation offers residents all they need to embrace an aspirational, balanced, and luxury lifestyle including a spa, gym, pool and even a cafe or restaurant at their doorstep. Just like suburban locations, urban resorts can provide extensive community gardens, outdoor spaces and children’s facilities catering to residents and guests alike.
While the concept of urban resort-style living is still new in Dubai, as a city that continuously embraces change and new initiatives, the future looks bright. Buyers will continue to demand more value for their investment, enhance their lifestyles, and ultimately fulfil more of their needs.
Maher Sweid is Managing Partner at Sweid & Sweid, developer of The Banyan Tree Residences Dubai.