A market in its own right, luxury real estate is distinguished by its high-end features, specific requirements and unique history. Luxury properties have characteristics and fundamentals that set them apart from ordinary properties. This market concerns exclusive, high-end properties, and is generally defined by several criteria. Exceptional geographical location, unique architecture, meticulous interior design and furnishings, quality services, comfort…. Discover the seven fundamentals of a luxury property according to Mercure Forbes Global Properties experts.
What are the fundamentals of a luxury property ?
-
Rarity
Rarity is one of the pillars of luxury. An immutable quality, the rarity of a prestigious property is what creates its value. It perfectly encapsulates all of the qualities which are generally required by a prestigious residence (size, surroundings).
A 250 sq m apartment with terrace in the Croix-Rousse area of Lyon will be highly sought after. As will a traditional abode with a pool in the heart of Bordeaux. The balance between the number of properties available and the demand for them will influence the price.
-
An outstanding location
Location is everything. It must meet the criteria of a demanding clientele. Depending on what they want to do with the property, a buyer may choose a property within reach of a dynamic area, or
in the heart of a city. Another might opt for a more rural setting, but which still has good transport links.
And it is clear that in France, some regions are more popular than others, due to their appeal for business or tourism. An apartment in Cannes will be a winner if it overlooks la Croisette. As will a duplex apartment with a terrace with views of Notre-Dame.
-
Exclusive surroundings
In a time when urban and even rural areas are afflicted with the construction of undeclared buildings, surroundings matter. An outstanding property will always be located far from noise and eyesores.
Generally speaking, in cities these apartments and houses will be found in reputable neighbourhoods, close to good schools, local amenities, and green spaces. In Toulouse, demanding buyers tend to go for a contemporary home near Pierre De Fermat College, or a town house on the Côte Pavée.
In the countryside, these homes will be found far from noisy trunk roads and other intrusions. Some may come with uninterrupted views as far as the eye can see. Or be south- or south-west-facing.
Being near a river or golf club will add to the desired idyllic setting. Think a chateau in Salers, in the heart of the Volcans d’Auvergne national park. The buyer will be looking for a haven of peace, far from the hustle and bustle of everyday life. Security is another factor that plays into quality criteria. As is protecting your privacy and private life.
-
Excellence in construction
A property is deemed to be “luxury” when it meets these three criteria:
- Quality materials
- Quality craftsmanship
- Unique architecture
And all three must fulfil the buyer’s own conditions. This is especially true of the condition of the building work, finishes, and indoor space. A chateau is the prestigious property par excellence, especially if it is a listed historic monument, and will reflect the architectural quality of its time, and the craftsmanship of the artisans who built and maintained it.
A 15th century chateau in Saulieu, a manor house in Sarlat, or a former priory in Issoire are all symbols that have stood the test of time and stand witness to a particular lifestyle and historical period.
-
Comfort
Today, many luxury properties also come with high-end components. These can be part of the property’s construction, like air conditioning, alarms, and custom heating, and over the past decade
or so, smart homes are becoming more commonplace. Home automation lets you manage the comfort and security of your home from your smartphone.
A property’s services and facilities also reveal its prestigious nature: pool, tennis court, a private harbour to moor your yacht on your grounds, a heliport, gym, cinema… the list goes on. The services can also include staff, like security guards and a concierge service.
-
Unique
More than anything else, buyers of prestigious properties are looking for original, distinctive homes. Prestigious properties should polarise opinion. It is their individual mix of qualities that makes them so special. But it’s also about the personal touch the new owner would like to add. Customisation has always been one of the founding principles of luxury, which aims to stand out from mass market offerings.
-
Charm
Luxury is intrinsic. Fantasy and imagination play a huge role in luxury properties, and luxury feeds on the property’s prestige or architecture. Like beauty, the way luxury feels is in the eye of the beholder. However, it always signifies charm, elegance, and refinement. These are three characteristics which offer the owner a unique experience, and a highly individual lifestyle.
