Asian Property Buyers Increasingly Favour Brand, Luxury Investments And Willing To Pay Premium Price
For many property buyers in Asia, money is no matter in specific cases and the high price tag of residences on the market does not automatically turn them away. Development projects with luxurious and branded signatures will prod them to splurge, fully aware of the package they are getting in return.
The most important thing when it comes to property purchases and investments is top quality, Property Report said, citing the new research findings furnished by property consultancy firm Knight Frank. The trend has been observed in markets like Thailand and Malaysia, where branded developments have been attracting buyers’ attention in recent years.
The report likewise indicated that buyers of “ultra-luxurious branded residences” appeared ready to dig deep on their pockets because “they know that they’re going to get a quality product.”
Premium Prices Deemed As Insurance Policy
The Knight Frank study showed that in Kuala Lumpur, Malaysia premiums for branded homes at the end of 2017 surged by 69 percent and even higher in Bangkok, Thailand, having registered a jump of 132 percent in the same period.
In the same year, it appeared too that residential projects in Asia that were attached with established brands such as Marriott and Ritz-Carlton saw incredible growth numbers. Knight Frank said luxury residences in the region now account for 30 percent of the total residential developments in the region.
Of note is the rise of the same segment in Thailand, where the latest developments have been labelled as mostly branded or upmarket residences.
In Phuket, for instance, branded residences saw their premiums rising by eight percent, which the research said is among the best performing of Asian cities. Popular for its top-notch resorts offerings and beaches, Phuket is home to the Marriott-owned The Residences that is located at the Sheraton Phuket Grand Bay.
Also, Knight Frank highlighted on its study the growing collaboration between branded hotels and fashion icons that all the more drive interest to posh residences. Developers have been partnering with style labels such as Versace and Armani to lend prestige on their projects and in the process lure in moneyed buyers.
Why Buy The Branded Concept
The research has made clear that branded concept of residences has been steadily gaining ground because the premium labelling resulted to increased visibility, meaning the marketing ploy employed by developers is paying off and more buyers are taking notice.
On the part of buyers, they gladly are shelling out top dollars knowing fully well that that property they acquired came with higher value as opposed to non-branded counterparts. The thinking seems to be that Marriott or Ritz-Carlton affords the property purchase with a rock-solid insurance policy.