LUXURY PROPERTY – A DEFINITION

When you are looking to buy or sell a luxury property in any country in the world there are certain differences from a standard property that you need to be aware of.

Luxury property in any country is generally defined as property worth more than a certain lower limit; for example, in the USA property worth more than $1 million.

Location also largely defines a property's value, especially if it offers views such as the sea and amenities such as golf courses.  Going further, luxury property would also take into account the presence of surrounding homes, absence of crime-rate, industrialisation or unwanted commercialisation, customisations of the home, and historical or architectural significance.

However it always depends on your priorities as a buyer or your potential buyers priorities as a seller.  Remember a house is only worth what someone is prepared to pay for it.

Luxury property entails greater responsibility than ordinary property. You will need to advertise to a national or international audience to attract non-local buyers, whereas ordinary property only generally requires exposure in local. 

You should be aware of all the additional costs associated with buying and selling luxury property.  For example tax will often be charged at 10% more for a luxury property purchase compared to a standard property.  Each country will have their own laws, which you need to find out before entering any agreement.

There are also greater legal responsibilities with luxury property conveyancing, which often involve attorneys, trusts, and anonymity issues. Buyers often require more inspections than with ordinary property, (which are generally bought after a single inspection).

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