Wellness Real Estate Is Booming – And Just Getting Started
The wellness real estate market is projected to hit a staggering $887.5 billion by 2027, according to The Global Wellness Summit
The home stands as the epicenter of the wellness real estate market, which is poised to emerge as the number one growth leader across the entire wellness sector with a projected expansion to $887.5 billion by 2027, according to the latest trend forecast from The Global Wellness Summit (GWS).
As the saying goes, Home is where the heart is — but it’s now transforming into a cozy-yet–functional hub as consumers look to cultivate a wellness-inspired environment, largely supported by the shift to remote work, increased time spent at home and the popularity of home-based TikTok trends promoting home-based activities.
“The pandemic not only led to an increase in time spent at home but also heightened health awareness, motivating individuals to take greater control over their wellness,” according to GWS.
At-Home Wellness Products Proliferate
It would make sense that consumers, who are increasingly pivoting towards a more health–conscious lifestyle, are looking to invest in more than just wellness products and create an entire environment of health-supporting tools.
In addition to post-pandemic lifestyle changes, tech advancements have empowered consumers to monitor their health and partake in wellness practices in the comfort and privacy of their homes. From self-care such as the anti-aging TheraFace Mask, medical-grade home health systems, smart furnishings that respond in real-time to well-being preferences or sensory-enhanced designs, consumers now have an array of options to curate their own wellness space.
Functional furnishings also play a pivotal role in the wellness real estate space, with aesthetic pieces that serve fitness and wellness purposes. Ikea, a staple in the functional furniture sector, recently unveiled its first low-profile fitness and wellness collection for consumers and their families to squeeze in a quick workout without needing to invest in an entire home gym.
Beyond furnishings, soundscapes are no longer just background music but a path to wellness, using AI enhancements to give listeners relaxation, focus, or restful sleep.
Wellness-Focused Residences Are on the Rise
As the “2024 Global Wellness Trends” report points out, the pull towards wellness communities, such as Life Time Living, the residential arm of the luxury fitness and lifestyle operator, is also gaining popularity.
Noting Life Time Living’s Green Valley development in Las Vegas, which offers residences with personalized services such as meal plans and comprehensive 360 wellness programs, GWS sees the brand’s new longevity and weight-loss clinic, Miora, as “laying the groundwork” for such services to become integrated into residential services in the future.
GWS also spotlights The Well, a New York City-based luxury wellness club, as an example of what lies ahead for the wellness industry. As The Well expands into residential real estate in Miami, its apartments will tout diffused lighting, water filtration, HEPA air filtration systems, low-VOC paints, organic scents and even charged crystals within the building’s foundation.
Cities and nations are joining the wellness movement, investing in developments prioritizing well-being. Saudi Arabia’s NEOM, expected to debut in 2025, plans to utilize a groundbreaking Digital Twinning system for the longevity of its residents.
“In the future, our homes will evolve into multifaceted ecosystems, merging advanced nanotechnology and empathetic architecture to create living spaces that actively enhance our health and well-being, reshaping how we interact with our environment on a fundamental level,” predicts GWS.
See the full GWS 2024 Global Wellness Trends report here.
