US, China, Australia top contributors to the growth of the Wellness real estate market globally
The GWI new report launched at an event in New York today, the first event to bring together investors, developers, architects, designers and medical experts to discuss the future of the Real estate Wellness market. Seven countries—the US, China, Australia, UK, Japan, France and Germany—account for 82% of the wellness real estate market; the US and China alone comprise roughly 60%. But the full data on the top 20 markets reveals striking 2017-2020 growth across the board. Japan (360% growth) and Canada (240% growth) are standouts, while the US, China, UK, France, Netherlands, Denmark, Switzerland, Singapore, Norway, Italy and Finland essentially doubled their markets. Today, the GWI conservatively estimates that there are over 2,300 wellness projects worldwide (either built, partially built, or in development). Wellness living concepts are being developed in all types of residential projects: master-planned communities; multifamily projects (apartments, condominiums); urban districts and mixed-use projects; resort/spa/hospitality-based wellness real estate; affordable/subsidized housing; and other wellness concepts based on eco-communities, co-living, senior living, and more—taking an increasingly dizzying number of “wellness angles.”
Macro forces driving this change are the fact we are living in a pandemic filled world, our fast-aging population, our stress and loneliness crises.The rise of remote work, a consumer demanding more sustainable living—means the growth trajectory for wellness homes and building design shared Katherine Johnston, GWI senior research fellow.COVID-19 is forcing us to see our homes and built environment in a radically new light, as the protectors and enablers of our very health and wellbeing. Wellness real estate is now quickly moving from elective to essential and moving from Luxury to Wellness, exclusive to inclusive. We at LuxuryWellness had predicted that Wellness will be the new Luxury, and this report on emerging trends in the Wellness real estate industry is testimonial to this. Some of the projects at the Summit are astounding and certainly a worthwhile showcase to an emerging new world of communities who will unite and strive for Wellness and thus embrace sustainability.