What exactly defines a luxury property? It’s not all about price. Of course, the price is an indicator of the features of the home, but luxury is a life style not necessarily related to the price of things.
The first indicator of a luxury property is the location. A well known neighbourhood, a beach-side property or a residential luxury development stand out in our minds. Eveybody knows Beverly Hills, Marbella or Côte d’Azur. Luxury properties are almost always secluded, which is an important marketing point for promoters.
A second characteristic is price or price per square foot of real estate. Knightsbridge, Sloane Street and Belgrave Square in London have been home to Britain’s most expensive residential real estate for the last 200 years and they will continue to lead because the richest people in the world own property there. The world’s most expensive apartment is a penthouse at One Hyde Park, in London, sold for £100 million or over 120 million Euros. Now that’s a luxury property!
Also, another important characteristic of the luxury property is the level of interior and exterior furnishings. Now that doesn’t mean that we get back to the roccoco and furnish our houses excessively. Quality is better than quantity!
Wikipedia has a good point: “Luxury real estate entails greater responsibility for agents who handle transactions than ordinary real estate. They must advertise to a national audience to attract non-local buyers, whereas ordinary real estate only generally requires exposure in local media. There are also greater legal responsibilities for the luxury estate agent, which often involve attorneys, trusts, and anonymity issues. Buyers often require more inspections than with ordinary real estate (which are generally bought after a single inspection).”
Luxury is primarily a life style and real estate is an important feature of this certain life style.