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Wednesday, July 8th, 2015

Characteristics that define a luxury real estate property in 2015

A luxury property is defined by its locationChristie’s International Real Estate (CIRE) recently released a report titled Luxury Defined 2015, in which more than seventy international real estate markets are reviewed, that particularly focus on luxury properties. The report, which Rimontgó has actively participated (being an exclusive member of CIRE and a member of their Advisory Board), provides the keys to the performance of the real estate markets on a global scale, who deal with exclusive properties.

Despite being its own separate entity, luxury real estate market is not unchangeable. Throughout its evolution the influence of macroeconomic factors has also had an effect on potential buyers of exclusive properties. The annual report devised by CIRE, thanks to expert opinions, deals with the current situation of this market in a faithful manner and predicts as far as possible its near future performance. Even though the information made in this report refers to an international scale, many of its assessments are nevertheless applicable to a national and even local environment. We cannot forget that, within the luxury property market in the Valencian Community, a high proportion of buyers are international buyers. For example on the Costa Blanca, this number verges on 90%.

Amongst the data provided in the report of CIRE, the referred preferences for upmarket real estate customers of 2015 clearly stand out. The report presents the characteristics that define a luxury property and thus will be more valued by potential buyers.

A luxury property is defined by high qualityA luxury property is defined by high quality: both in the choice of construction materials as well as the interior design of the property. High quality is also perceived as an aesthetic: in the case of properties in the city of Valencia – rationalist, modernist or rehabilitated buildings with complete respect to the original project; in the case of the Costa Blanca or residential areas near Valencia – villas with a distinguished architecture.

A luxury property is defined by price: The international buyer of a luxury property, despite their accredited financial standing (which is shown in the high percentage of properties dealt with in cash), knows in the majority of cases the market in which the exclusive property is registered. The buyer researches, with the support of specialised consultants, the price comparisons, previous sales, and characteristics of properties and in no case will pay a price not fitting in with the market. In this instance, Valencia has an advantage in this concrete aspect opposite other large cities such as Madrid or Barcelona, enjoying more competitive prices for luxury properties.

A luxury property is defined by location: In the case of Valencia: Ensanche, the City Of Arts and Sciences, the historic centre, the commercial centre and beaches of Malvarrosa and the Patacona. On the Costa Blanca: Jávea, Altea and Dénia. In these locations the majority of exclusive properties are concentrated and are therefore, the most desired areas for buyers.

This article will continue in Characteristics that define a luxury real estate property in 2015 – part 2.

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