In my teen years I used to spend much of my free time during the summer holidays at St Thomas Tower in Marsascala where we used to enjoy a light snack together with my circle of friends. I recall that I used to fantasize that when I grow up I would buy the Tower and convert it in my home, my luxury property. I had all the plans for interior design in mind and definitely original they where. A dream which to date (over 20 years passed since than) has not come true not because I changed taste on this front but bluntly put, maybe because of lack of cash!
Indeed, luxury homes in Malta or anywhere else are expensive homes that are mostly owned by higher ranking people or well known people in the society. The characteristics that define luxury homes vary among countries because it depends upon the marketing status of each place as well as the property values that also depends on its location. The classification takes into account the presence of surrounding homes, views, waterfronts, amenities, peacefulness of the place, commercialisation, customisations of the home, and historical or architectural significance. The better the location is, the more the house can be classified as greater value.
A close analysis of the international property market reveals that luxury houses are spreading, making the luxury home market booms. A recent the global survey from Barclays found that it has been buyers with a higher disposable income, and who are therefore less mortgage reliant, who are buying. The richer you are the more likely you are to invest in property which is now regarded as better opportunity for long term returns that stocks and bonds, according to the survey.
Companies operating in the luxury real estate market usually publish their own magazines online and in print in order to reach more people to publicise their brands. Luxury properties usually begin in the low millions and go upward from there. However, luxury home buyers are not very particular with the prices; they are more focused on the quality of the house and its location. They typically understand that a home is the best possible personal investment so they should do their best to choose the best home for them.
Certainly a luxury house is not for everybody but for those who have enough money for buying and maintenance. Thus, if you have enough money to buy a luxury home but you do not have enough money to maintain, it is more preferable to suspend your dream of buying such a home because without maintenance your luxury home could wear out.
Today’s trends in luxury real estate include luxurious beach houses, penthouses and villas in the best places on earth. Trends in luxury real estate actually change often, but there are some things that always remain the same. Water front properties are always in the top rankings. Beach houses can be so luxurious that you will prefer to stay there even if the other option is a five star hotel. Beach houses can include a number of facilities as a rather big apartment and private beach. The trend today is to have your own butler that can take care of the house when you are not there and take care of your requests when you are. Luxurious beach houses can be found in the whole world. Miami, southern France, resorts in Spain, Greek islands and exotic Asia are just a few places that you can consider.
If you are looking for property in a city, the trend in luxury real estate today is definitely new studios. New studios is the name given to apartments that can be found in the cities in buildings that were of limited use in the past. Buildings that were not used are most of the times old and have big apartments and a rather valuable architecture in the outside. When the government decides to renovate these buildings and use them, you have your chance to create a luxurious apartment. There are many cities in Europe and in the States that have undergone these procedures and there are also many people that took the opportunity to buy an apartment in the city in a beautiful building that is fully renovated and has a history of its own. These apartments are large and most of the times have tall ceilings that give the impression of royalty. Bathrooms are big and contain all the facilities including Jacuzzi and hot tabs and there are almost always extra rooms that are used as wardrobes.
If you want an apartment in the city but you don’t want a studio, you can check the penthouses. Penthouses are the number one classic trend in luxury real estate and the reason for that is the view. Any penthouse even these from hotels base their process in the view. There is nothing that can make an apartment more luxurious than being able to see the sun rising, the sunset and the city lights in the night with the moon and the stars above you. Just thinking of it makes someone feel relaxed. Penthouses are also very practical. They can be used as your first apartment and you can leave there alone or with your family. They are commonly preferred by people that travel on business a lot as they offer two things. The first is the chance to relax and enjoy a beautiful view when you are home and the second is that a penthouse is ideal to host an informal meeting. So make sure to check this option if you like it.
Written by Andrew Agius Muscat – Business Analysist