Real estate has been seen as a relatively secure investment, whether it's your residence, vacation home, or investment property. If you have the resources, you might wish to diversify your portfolio by investing in the market for luxury properties.
But what does "luxury" real estate or "luxury" condo means? The meaning of luxury in real estate may differ from what we think. The definition of "Luxury," which has expanded to encompass individualistically relevant items and services with a deep personal connection to one's values and views, is changing as the world's wealth continues to rise, the current wealthy consumer, and the world's consumers in general.
It may be a little difficult to understand, which is why we'll give you a deeper explanation.
Prime Property and Luxury Real Estate
Is it accurate to say that the most expensive homes are also the most luxurious properties?
First and foremost, Prime properties do not directly connect with price tags—they are not only defined as expensive. Although pricing plays a big role, it's not the only one. The definition of a luxury real estate investment depends on a number of different elements.
Luxury revolves around meaning. The fundamental notion of luxury is based on inflating the practical value of the goods and services by the buyer's symbolic value. Brands continuously evolve in this dynamic and exciting world as consumption patterns change quickly.
It is stated that a piece of real estate qualifies as "luxury" when it has a prestigious history, a high price, a substantial size, valuable materials, and professional design. Luxury real estate often has a valuation that falls among the top 10% of houses on the local market. Uniqueness and exclusivity, which add significantly more value than the price of the building and materials alone, are the primary characteristics that distinguish luxury properties.
As demand increases, local and foreign investors are investing in the Philippines' luxury real estate market. To ride the tide of demand, local developers liberally incorporate the word "luxury" into their projects. The time has come to define what constitutes a prime property.
What is a Prime or Luxury Condo?
You may think these two are similar, but an apartment and a luxury condo are very different. A building with numerous units that a different person owns is referred to as a luxury condo. At the same time, an apartment, on the other hand, is a single residence that is owned amid a collection of like units.
While professional businesses maintain apartments, condo owners manage condominiums. You are reliant on the owner's availability for maintenance tasks if you live in a luxury unit. Residents of luxury condominiums enjoy an affluent lifestyle and all the frills, enabling them to unwind and take advantage of the best life offers.
What to Expect in a Prime or Luxury Condo
Although criteria for luxury condos can occasionally vary, the minimal standards to qualify for the luxury list are listed below. Here are what generally constitutes a luxury condo:
- A Prime Location
If you're looking for prime property, the actual location is key. The lifestyle convenience provided by the home's location, where it may be within walking distance of desirable urban amenities like schools, companies, supermarkets, and entertainment venues, can also be cited as part of the concept of luxury. Accessibility from major roads, public transportation, and bike and pedestrian lanes all add to the property's luxury value.
In addition, most developers make sure that their residential projects are located in a calm and secure area. The location should be a top priority for young professionals and families because it influences both the financial and leisure elements of living.
- Top-Quality Amenities
Condos frequently come with many amenities, including sports facilities, parking spaces, common areas, massage parlors, and spas. These facilities contribute to the location's grandeur and magnificence. Confirm that the property has enough outside space for occupants who enjoy being outside. Most luxury condos can offer concierge services, pet centers, fitness centers, and game rooms.
To add, they must have modern and top-notch security with round-the-clock personnel and equipment like 24/7 cameras and video surveillance. Prime or Luxury condos do not only provide great comfort and extravagant living, but they also have a sense of high safety and security.
- High-Quality Finishes
We should never overlook a luxury condo's interior and exterior finishes and ensure that every room's finishes are of premium quality.
High-end condos provide top-notch finishes like homogeneous or natural stone tiles for bathrooms, kitchens, and living spaces, as well as European-grade bathroom and sink fixtures. Additionally, units have floor-to-ceiling soundproof, double-glazed windows. For the best durability and attractiveness, bedroom flooring is made of engineered wood. The majority of upscale condo kitchens feature an Italian-made stove and range hood in addition to soft-closing cabinets and drawers. The developers employ the greatest materials while creating the most expensive units. These are designed to offer a luxurious and comfortable lifestyle.
Make sure that you are investing in what is worth your money.
- High Price
Due to the high standard of living, luxury condos may be the best properties money can buy. Expect a higher price tag if the property meets the majority of the criteria on the previous list. High-end condos have the advantage of offering stronger long-term profits and greater potential for appreciation over lower-tier buildings.
"Ninety percent of all millionaires become so through owning real estate." —Andrew Carnegie.
What's it like to have or invest in a luxury condo? Do your research to obtain the most significant goods before taking any action. Whether you fit the real estate criteria of luxury living, understanding how your market classifies upscale homes will help you better grasp the features you need and want in a property.
Yes, everyone has their idea of the meaning of luxury. However, if you intend to invest in a property soon, you should be aware of what most people regard as luxury real estate.
For more information on Vista Residences, email info@vistaresidences.com.ph, follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
