Since the turn of the Millennium, a global trend of consumers aspiring to the finer things in life has seen the fortunes of luxury brands rocket skywards. The ‘on demand’ accessibility of high-end luxury has also driven an appetite for super-prime real estate, propelling demand for exceptional private facilities, interior design, one-of-a-kind architecture and world-class services, to deliver the ultimate luxury lifestyle.
Certainly, real estate developers in Sri Lanka are competing to offer the most sophisticated living experiences, spearheaded by Colombo’s Sapphire Residences, which are widely regarded as some of the finest luxury apartments ever seen in South Asia. Sapphire Residences ticks all the boxes when it comes to luxury real estate in Colombo.
However, in recent years there has been a marked shift from a focus on physical elements to experiential features. “The World Ultra Wealth Report accurately predicted that service would become a strong differentiator for luxury brands, highlighting a growing desire for personalization in the search for exclusivity, peace of mind and uniqueness,” observes Chris Graham, author of a leading report on luxury branded residences, “and it is no surprise that luxury experiences are overtaking luxury purchases – a shift from ‘having’ to ‘being’.” To illustrate this, Mr. Graham cites Luxe Hub Consultancy, which defined luxury as seamlessness, convenience, speed and quality of personalized service. “There’s no mention here of any tangible elements.