Wellness real estate isn’t a new concept, in fact, it's been around for some time. This concept has emerged at the intersection of real estate and holistic living. During & post-pandemic the concept of wellness real estate exploded. In 2021 the global wellness real estate industry was valued at $279.4 billion and by 2028 it is estimated to be $863.9 billion. The wellness real estate sector is the fastest-growing sector in the wellness industry.
Wellness real estate is more than just a house or a building, wellness real estate embodies a transformative approach to living spaces that goes beyond aesthetics and functionality. It's about creating environments intentionally designed to support and enhance humans' physical, mental, and emotional well-being. Africa is one of the most natural continents on the planet and holds huge potential for wellness real estate particularly for its diaspora.
The Intersection of Real Estate and Wellness
This concept looks at living spaces as more than just shelter; they become homes tailored to nurture both the body and the soul.
The concept hinges on a profound understanding of wellness within the realm of real estate, acknowledging that elements such as architecture, design, and community play a pivotal role in shaping residents' overall health.
What's Driving The Demand For Wellness Real Estate?
Several key factors are driving the rising demand for wellness-focused properties. The surge in health-conscious individuals is reshaping the priorities of homebuyers, compelling them to seek environments that align with their well-being objectives.
The impact of the pandemic has further made us aware of the significance of home environments, as we look for spaces where we can work remotely, exercise, and for mental rejuvenation.
Beyond physical health, there is a desire for holistic well-being that encompasses mental and emotional stability, pushing the boundaries of real estate development to encompass spaces that support the entirety of human wellness.
Wellness Real Estate Features
The evolution of wellness real estate has given rise to a host of innovative features and trends that reimagine the way we interact with our living environments.
Close to nature
One prominent aspect is the seamless integration of nature and green spaces, inviting the healing power of the outdoors into everyday living. In Africa, we have an abundance of virgin lands, lush forests, and beautiful, coastlines.
Mindful and sustainable architecture and design strategies take center stage, where structures harmonize with their surroundings and embrace eco-friendly principles and materials such as rammed earth.
Fitness centers and yoga studios encourage physical vitality, while serene meditation gardens and relaxation spaces provide sanctuaries for mental reprieve. The embrace of organic farming and farm-to-table concepts within residential settings further encourages a holistic approach to wellness, promoting healthy nutrition and community engagement.
On-site wellness services such as health screenings, nutrition counseling, fitness classes, and mindfulness workshops can support residents in their pursuit of well-rounded wellness.
Smart home systems that control lighting, temperature, and air quality, can enhance the overall living experience. A recent study involving 500 smart households demonstrated enhanced well-being via advanced smart air filtration. This led to fewer health issues and significant benefits such as a 50% reduction in allergies, 40% fewer asthma attacks, 30% fewer doctor visits, and 20% improved sleep and mental health.
The African Wellness Real Estate Landscape
The global landscape of wellness lifestyle real estate projects is in a constant state of expansion. Back in 2018, GWI identified more than 740 wellness residential projects that were in various stages of development, spanning 34 different countries. The rapid growth within this sector has reached a point where it's growing so fast it's hard to keep up due to its sheer abundance. Fast forward to 2021, and GWI's estimate points to a staggering 2,300 wellness residential projects worldwide.
A Safe Space For The Black Diaspora
Wellness real estate is a great investment. There is a huge opportunity for wellness real estate on the continent particularly amongst the black diaspora. In recent years there has been a huge shift from the diaspora wanting to visit Africa to discover roots, be more connected to the continent, and invest.
With this shift comes people wanting to buy into real estate to live more holistically than they would do in the West.
In Africa, traditional living already aligns with wellness real estate, embracing natural materials, proximity to nature, and spirituality. The continent's diverse landscapes offer unique chances for nature-based designs, drawing from coasts and forests. By blending indigenous styles and materials, Africa can craft culturally authentic spaces that prioritize wellness. Its tight-knit communities can seamlessly integrate into wellness real estate, nurturing connections and belonging.
Why Invest In Wellness Real Estate In Africa
Tourism and Cultural Connections
Africa is rich in culture, history, and natural beauty. Wellness real estate can be designed to incorporate local elements, promoting a connection to the cultural roots of the Black diaspora. This could attract tourists and potential homeowners who seek not only relaxation but also a deeper understanding of their heritage.
Ghana for example is a very popular destination for the diaspora to visit and invest. In 2020 during the year of return 1.1 million people visited Ghana. Although there was a slight dip in the subsequent years, in 2022 Ghana received 914,912 visitors and its predicted to exceed pre-pandemic levels in 2023.
Economic Growth and Development
Investing in wellness real estate can stimulate economic growth by creating jobs in construction, design, maintenance, and hospitality. Additionally, it can attract foreign investment and contribute to the overall development of the region.
Health and Sustainability
Wellness-focused properties often prioritize eco-friendly and sustainable features. Africa's diverse landscapes and resources provide ample opportunities to implement sustainable practices, such as utilizing renewable energy sources, incorporating green spaces, and adopting eco-friendly construction materials.
Sense of Belonging and Community
For the Black diaspora, having a place that celebrates roots and heritage can provide a strong sense of belonging. Wellness real estate can facilitate connections between individuals who share a common history and background, fostering a supportive and empowering community.
Africa is already a popular destination for wellness tourism due to its natural beauty, rich culture, and healing traditions. By investing in wellness real estate, you can tap into this growing market of travelers seeking rejuvenating experiences. According to Wesgro South Africa held the biggest share of wellness trips in Sub-Saharan Africa in 2017 with 1,5 million international and 2,5 million domestic trips with a total expenditure of US$2,25 billion.
Properties that offer wellness-focused amenities and design elements tend to hold their value well over time. Investors can benefit from both rental income and potential appreciation in property value.
Significance of Wellness Real Estate in Africa
Wellness-focused living in Africa has the opportunity to shape spaces that not only address the physical comfort of its home owners but also foster mental, emotional, and communal well-being. This concept resonates powerfully in a world where well-being has become a central pursuit, and Africa's unique blend of heritage and innovation allows it to contribute a distinctive voice to this global conversation.
Wellness real estate in Africa is not just about structures; it's about nurturing a lifestyle that honors tradition, prioritizes sustainability, promotes a sense of belonging, and ultimately paves the way for thriving communities that encapsulate the essence of a fulfilled and wholesome life.