Hong Kong holds the most expensive price for luxury property at over $4,100 per square foot. Palm Beach, where the wealthiest people reside (like Donald Trump), offers an average of $3,600 per square foot. If you choose prime real estate in Dubai, you will be paying about $400 per square foot.
So what influences the property prices? Comfort and size seem to represent only some of the aspects of luxury. In this article, you will learn about what makes a property luxurious and the top luxury property destinations.
What Makes a Destination Exclusive and Desirable
A luxury apartment in Woodland Hills may not be considered as prestigious as one on Venice Beach because it doesn’t have direct views of the Pacific Ocean.
Other than location, it’s also about:
- Size. The bigger your home is relative to others in your neighborhood or city, the more likely it will be considered luxury housing.
- Quality. Most people associate high quality with expensive materials like marble floors instead of carpeting, custom woodwork rather than standard cabinets from Home Depot, and high-end appliances like smart refrigerators instead of Whirlpool models. Luxury properties also often feature amenities like pools and spas.
- Price. The most expensive properties sell for millions of dollars.
Many factors influence the demand and supply of luxury real estate in a destination:
- Political stability. Political instability can lead investors away from certain countries because they fear their assets may become worthless if a new government comes into power. Buyers want reassurance that property rights will be respected and laws will be enforced fairly without corruption interfering with their ability to do business.
- Social environment. A community’s social environment can create an atmosphere that attracts wealthy individuals, or it may repel them. Economic prosperity, income levels, society lifestyle, demographics, and local amenities are considered first to determine the level of life in an area.
- Cultural diversity. If a city has no cultural diversity within its borders — or if there is only one predominant ethnic group — it may not be perceived as an attractive place for international residents to live.
Here are several benefits and challenges that you can think about before relocating:
- Lifestyle enhancement. Owning a luxury home can help improve quality of life significantly by providing owners with access to amenities like gourmet restaurants and golf clubs.
- Tax Advantages. Many countries, including the UAE, offer tax breaks for foreign buyers who purchase real estate from locals.
- Legal Issues. You should research local laws regarding zoning regulations before purchasing land or property so that you don’t run into any unexpected roadblocks. You should talk to a legal consultant before purchasing a home overseas.
- Maintenance Cost. Those can vary greatly depending on the property’s size, how you use it, and its age.
Let’s proceed to the list of popular luxury property destinations.
The Most Exclusive Real Estate Destinations in the World
Here are the places that attract the wealthiest of people:
Dubai, The UAE
Dubai’s strategic location along major sea lanes linking Europe to Asia has helped it become an important port city and a global financial center, with modern skyscrapers like Burj Khalifa — currently the highest building in the world at 829 meters high. Some of Dubai’s main attractions include:
- Burj Al Arab Jumeirah Hotel & Tower, which overlooks Arabian Gulf waters;
- Palm Jumeirah artificial archipelago project built around Palm Islands;
- Ski Dubai indoor ski slope where you can enjoy skiing year round.
Dubai properties offer some of the most exclusive options in the world, including Triplex Sky Palace with Panoramic View available for $32 million.
Florida, The USA
The state of Florida is known for its luxury property. Its residents enjoy living close to major entertainment centers like Orlando and Miami. Those cities hold concerts and sports events almost daily.
If you need privacy but still want access to all that these cities have to offer, then consider buying property on an island offshore from mainland Florida like Pumpkin Key Private Island available for sale at $95 million. You’ll find yourself surrounded by water with beautiful weather year-round and temperatures ranging from 70°F during wintertime to 95°F during summer months.
California, The USA
California is also called “The Golden State” thanks to its natural resources, including gold mines throughout Northern California during the 19th century. However, today, it’s more commonly known for producing Hollywood celebrities like Jennifer Aniston or Julia Roberts who call Los Angeles and San Francisco home.
Climate California has mild winters and Mediterranean summers with plenty of sunshine. The main attractions and features that make California exclusive include:
- beachfront living on some of America’s most beautiful coastlines;
- incredible hiking trails like those in Yosemite National Park;
- abundance of wineries along Napa Valley’s wine route.
Southern California cities like Los Angeles have some of the most luxury real estate options like Canyonside Mansion available now for $16 million.
Hong Kong, Hong Kong
Hong Kong was a British colony until 1997 when the city was returned to China’s control. Nowadays, this supercity welcomes millions of tourists who are mesmerized by its unique blend of cultures and breathtaking skyline.
Some of the Hong Kong attractions are:
- shopping malls like Pacific Place;
- museums like the Museum of Art and History and Hong Kong Space Museum;
- Victoria Peak.
Hong Kong is a paradise for those with luxury cravings. You can find properties like the Peak Hong Kong for HK$1.2 billion there.
Final Note
The world is full of interesting and expensive places. If you have pockets full of cash, you can choose from the Pacific Ocean view property in Los Angeles and private islands in Florida to stunning property overlooking the skyscrapers of Hong Kong and Dubai. The world is your oyster!
