What do the Super-Rich Look for in a Luxury Property?

PR Newswire

LONDON, April 9, 2014 /PRNewswire/ --

Location, size, number of bedrooms and bathrooms are some of the most important things to the super-rich when looking to purchase a luxury home, however some are willing to sacrifice on space if the location is right, LuxuryEstate.com has revealed.

Type of property is very important to luxury buyers, about 45% of LuxuryEstate.com clients wish to have both a country house and city pad. For those only looking to purchase one property, there is an equal spilt between the city and the countryside; 27% opt for city living whilst 26% seek a rural retreat.

Location is everything for wealthy buyers. Currently, London leads the pack in desirable cities for the super-rich, with New York close behind. However an interesting new edition to the top-ten list is Miami, which sits at number seven.

Silvio Pagliani, President of LuxuryEstate.com, said:

"Miami has seen a real estate boom in recent years, fuelled by low tax rates and instability in many South American countries. Miami is the nearest 'safe' playground for these international rich and luxury property is seen as a good investment." 

Many buyers are sacrificing on space if it means a house in the perfect location. In the most prized locations, such as central London, a quarter of LuxuryEstate.com clients dropped their standard on space to 100sqm as their absolute minimum size for a pied-à-terre. However a fifth believes they could not live in less than 1,000sqm.

Silvio Pagliani, President of LuxuryEstate.com, said:

"Size is the ultimate status symbol to those wanting to buy a home in the countryside, but in London for example proximity to Harrods will often trump concerns over square footage for a residence." 

Bedrooms and bathrooms are also important factors to luxury home buyers. Around 25%, the largest percentile group, of LuxuryEstate.com clients six or more bedrooms in their homes. When it comes to bathrooms, even in smaller homes a minimum of 2 bathrooms is a must (27%), though with larger houses an ensuite for every room is required, reflected in the 22% of clients requiring six or more bathrooms in their home.

Notes to Editors 

LuxuryEstate.com 

With over 95,000 luxury homes in 85 countries, LuxuryEstate.com provides the largest selection of world-class $1 million-plus properties. LuxuryEstate.com boasts the largest number of high-end agents on a single website, with more than 8,500 real estate agencies using the platform to sell, purchase and let luxury properties. The company's goal is to provide the easiest and most efficient way to search for exceptional properties around the world, including luxury homes, prestigious estates, classic residences, unique castles and country homes, relying on trusted independent luxury brokerages.

http://www.LuxuryEstate.com 

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