In some cities around the world, a unique real estate market has developed: luxury real estate. Whether it is for primary or secondary residences, this market meets its own rules and has its own specificity. It is thanks to these particularities that luxury real estate stands out from traditional real estate.
The location
The first element to be taken into account for a property to enter the category of luxury real estate: its location. Logically, a prestigious property must offer a unique and exceptional living environment.
In general, there are 3 main types of location for a prestigious property:
- Capitals and world cities;
- The seaside;
- The mountains.
To cite a few examples illustrating these different categories, you can find a penthouse in New York, a villa in Saint-Tropez or a chalet in Saint-Moritz.
Characteristics
In order for a property to qualify as luxury real estate, it must also offer exceptional services and facilities. For example, no matter where the property is located, it will always be appreciated to have an exceptional view.
Luxury properties often have a very large surface area, which allows them to offer many rooms: bedrooms, bathrooms, private cinemas, etc.
In terms of style, there are both contemporary villas designed by great architects and older villas with a more traditional style.
Outside, in addition to a large garden, there is a swimming pool, a spa, tennis courts, a private port, etc.
The price
As a direct consequence of the two previous specificities, luxury real estate is also characterized by its price! According to figures from Christie's International Real Estate network, it takes an average of $2 million to acquire a prestige property.
Of course, these prices can vary greatly from one property to another, depending in particular on its location. In Los Angeles, for example, the average price will be around $6 million, while in Paris it will be "only" $3 million.