Within the last few years, the demand for outdoor living space has skyrocketed. In fact, according to one 2022 study, 56% of homeowners reported that creating indoor spaces outdoors is a top priority. This trend remains especially true in luxury real estate, where there is a growing demand for private outdoor spaces in urban areas.
So, how are urban luxury properties incorporating outdoor space and making the best use of a smaller footprint? Let’s explore a few examples that your very own clients may take interest in.
Rooftop gardens
Rooftop gardens are becoming increasingly popular in urban areas, especially in luxury high-rise buildings. These spaces can include a variety of elements, such as outdoor kitchens, lounge areas and greenery. The garden aspect of this trend is especially important, as those living in urban areas may sometimes feel as though they’re existing in a “concrete jungle” of sorts. A beautiful rooftop garden can provide the greenery that a client needs to reconnect with nature without leaving the city.
Private terraces
Private terraces are another popular luxury urban space. These spaces can be found in high-end apartments, condos and townhomes and can include amenities such as hot tubs, fire pits and outdoor kitchens. Terraces may be connected directly to the perimeter of an apartment/condo unit, or they may offer dedicated space on a building’s rooftop. Either way, these spaces offer the privacy that a luxury client has come to expect, along with sweeping views of the city and/or other nearby landmarks.
Private courtyards
While less common in condominiums and apartments due to a lack of space, private courtyards can often be found in luxury homes and townhomes in urban areas. In their design, courtyards are similar to terraces—though they tend to have a larger footprint and thus offer a little more creative freedom for owners (and more potential for entertainment). These spaces can be designed with a variety of elements, including water features, fireplaces and outdoor dining areas.
Urban balconies
Large urban balconies are a popular outdoor space in apartments and condos in urban areas. These spaces can be designed with elements such as luxury outdoor seating, plants, grilling areas and ambient lighting features that really set the mood. Balconies can also offer incredible views, and the possibilities for decorating are limited only by the imagination.
Community parks
In some urban areas, luxury developments include community parks with amenities such as walking paths, playgrounds and outdoor fitness equipment. This can be a great alternative to a property that may not offer its own dedicated outdoor space (or one that offers a relatively small space). A community park can also be a nice perk for luxury buyers with families of their own, as these can be a great place for children to play and for young families to connect.
Stay on top of the latest industry trends
If you’re looking to take your luxury home sales to the next level in this market, you’ll need to have a solid understanding of what today’s luxury buyers are looking for. More than ever, outdoor spaces like terraces and balconies are topping the list of “must-haves,” so be sure to keep this in mind as you grow your career.
You can always stay up-to-date on the latest trends in the dynamic luxury real estate industry by joining the Institute for Luxury Home Marketing. Here, you’ll have access to luxury insights and market reports that can provide you with a cutting edge above the competition. Learn more or reach out today to join the network!
