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Urban chic

01.03.2007
Author: Carol FRENCH
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Buying a luxury apartment in one of the largest cities in the world is both an introduction to a chic lifestyle, and immersion in another culture, and an unlimited choice of a wide variety of entertainment. Becoming a resident of Paris or London is an expensive pleasure, but simply necessary for those who value their own prestige and status.
Luxury apartments can be purchased in any of the world's capitals, and it is not easy for a buyer with a large budget to make a choice. It is difficult to decide not only in which city to purchase real estate, but also what exactly it will be – a spacious apartment in a modern residential complex or a pretentious penthouse, an industrial-style loft or a private mansion…
Luxury-seeking buyers traditionally begin their searches with the largest megacities such as Paris, London and New York, which are also the world's main business centers. In terms of the cost of apartments, Monaco can only be compared with them, where even for tiny studios they ask for at least half a million euros. Others prefer cities with history, such as Rome, or examples of high modern architecture, for example, cosmopolitan Sydney. Finally, amazing deals can also be found in resort towns such as Nice, Palma de Mallorca or Honolulu.
"Luxury real estate is in constant demand on the international market," said Charles Weston-Backer, Director of Savills International. – Over the past six months, significant sales have been recorded in the south of France, Barbados and Majorca. When choosing luxury housing, buyers are guided not so much by the price as by the quality of the property and its location. The beauty of the facade of the house and the stylish design of its interior are also important, but for most buyers, the formula location, location, location is crucial."

Budapest, unusual and diverse
At first glance, Budapest does not look like a favorite among other European cities for buyers of luxury real estate. However, recently the capital of Hungary has been experiencing a real investment boom, with the greatest demand for housing that fully meets the most stringent requirements and at the same time is quite cheap. «Budapest real estate, with its unusual and diverse architecture, has aroused incredible investor interest," says Richard Liles of Arena Estates, a company specializing in popular real estate markets.
The real estate of the 4th district of Budapest, considered one of the cultural centers of the city, is most in demand among foreign buyers. The famous Andrassy Avenue, reminiscent of the Champs-Elysees in Paris, is located here. Nearby there is an Opera and an area with many theaters and an active cultural life. Luxury apartments with stylish design, located in a historic building with a beautifully decorated facade, cost 296,000 euros here.
Although luxury real estate is usually bought not for profit, but for one's own use, Budapest may be an exception to the general rule. "Houses in the 4th district will bring a good rental income, the profit will be 7% of the value of the property," says Richard Liles. – Those who want to rent luxury real estate should focus on top managers of large companies who come to live or work in Hungary for a long time."

Palma de Mallorca is luxurious
Although the prestigious resorts of the Mediterranean coast of Spain are highly regarded among wealthy buyers, neither Madrid nor Barcelona attract their attention. Another thing is Palma de Mallorca, the capital of the Balearic Islands, where real estate is more expensive than in any other region of Spain. This city, with its rich cultural life, is great for those who want to maximize profits from real estate transactions, as well as for those who are looking for luxury housing in a seaside town for personal use. There are both magnificent apartments in high-rise buildings on the market, as well as luxury villas in quiet green suburbs with traditional Majorcan architecture.
"Recently, interest in island real estate has been constantly increasing, especially from British buyers,– notes James von Enden of Engel & Volkers. – In 2006, the average price of real estate sold was 1.1 million euros. Sales of larger and more expensive real estate were also stable, with the maximum transaction amount reaching 7.4 million euros. Prices for luxury real estate in Mallorca increased by an average of 20% per year. Houses on the coast, located nearby or in the suburbs of Palma, have risen in price the most, since there are few offers of such real estate on the market."
A perfect example of Balearic luxury is the luxurious villa of the Maria de la Salut complex, built in a modern minimalist style and unusually designed. In the center of the house there is a swimming pool that combines the internal and external living area, there is a terrace with sea views and a wine cellar. This spacious five-bedroom villa is for sale for 2.4 million euros.

French dreams
Luxury real estate in France is primarily the central quarters of Paris, as well as the ultra–prestigious Cote d'Azur. Our magazine has devoted more than one article to the capital of the country, and in the last issue you can find a detailed story about which areas of Paris are the most prestigious and best suited for buying luxury apartments. The French Riviera also did not remain without our attention, and a few pages earlier you can read a large article about it. However, the urban real estate of the Cote d'Azur usually remains in the shadow of luxury coastal villas, although the choice of luxury apartments in the two most famous cities of the Riviera is very large.
Bustling with life, Nice attracted lovers of luxury holidays back in the 19th century, and for decades it has remained one of the most attractive cities in the world for investment. A luxury duplex (duplex apartment) with a large terrace, veranda and panoramic views of Cape Ferrat costs 1.272 million euros - it's not expensive at all compared to villas of the Cote d'Azur. And at the off-plan stage, you can also buy very inexpensive apartments – not far from the sea, in a place with panoramic views of the city landscape, a low-rise complex Les Jardins de Stella is being built. The upscale apartments and townhouses of the complex are sold at a price of 304,000 euros.
Cannes is a small city when compared to Nice. Everyone knows the most prestigious annual film festival, but this is far from the only cultural event held here – Cannes is generally famous for its festivals and holidays. A two-bedroom apartment, very close to the shore, with a beautiful view of the sea, with an area of 109 sq. m, costs 850,000 euros. This is one of the most expensive apartment offers in Cannes, while the cost of villas easily reaches 5 million euros and above.

In the center of the Big Apple
The classics of the world's luxury real estate are the central quarters of New York. And how could it be otherwise in the global business and financial capital? Apartments in Manhattan overlooking Central Park are perhaps the most expensive housing in the world. A square foot – and the area here is usually measured in these units – in the best projects costs $ 5,000 or more, and the cost of an apartment reaches $ 25 million, although such offers are extremely rare. Over the past 10 years, the New York real estate market has grown rapidly, apartments in Manhattan have become more expensive by an average of 20% per year. In 2006, price growth slowed down, but at the end of the year there was a tendency to increase them again.
The 3,000-square-foot apartment overlooking Central Park costs $6.75 million. The apartment has three bedrooms, three bathrooms and one guest bathroom, it is put on the market for the first time and is offered by Prudential Douglas Eliman. Among the company's listings there are more affordable, but no less upscale offers, one of them is a two–level two-bedroom penthouse in the Financial District, for $955,000. Its area is 1,236 square feet, while the penthouse has an open plan, and in addition to traditional bathrooms, it also has a sauna.
Of particular interest are the townhouses located in Manhattan – this is a unique opportunity to have your own house in the center of the largest metropolis in the world. There are few offers, but they are there, no more than 150 per year. The average cost throughout Manhattan is about $4 million, while the cost of individual offers in the most prestigious locations exceeds $20 million. A good example is the newly built condominium of three townhouses on Park Avenue. Each of them has five bedrooms and seven bathrooms, and the total area ranges about 6,000 square feet. The price of townhouses ranges from $12 to 13 million, depending on the area.

Sydney – quality and prestige
Some time ago, Australia was at the top of the ranking of countries with the fastest growing real estate market, but two years ago the price growth stopped. But for those who want to get not so much a high income from a home abroad as an exceptionally high quality and prestige, buying a property in Sydney is still relevant.
Sydney is known as one of the most beautiful cities in the world, its classic views are connected to the sea – this is a magnificent panorama of Sydney Bay, across which the famous bridge is thrown, as well as the futuristic opera house building. Of course, the most luxurious houses and apartments in the city are either located directly on the shore of the bay, or have a view of it.
In the center of Sydney, such different types of real estate as apartments in skyscrapers resembling New York and luxury private houses built in the most relaxed wayright on the shore of the bay. A two–bedroom apartment with an area of 133 sq. m, overlooking the bay, in the prestigious Latitude complex, is offered for $1.6 million - this price is close to the average for luxury Sydney apartments.
At the top of the prices are private houses overlooking the bay. This is the place of residence chosen by the most affluent residents of Sydney. The house with four bedrooms, four bathrooms and a garage for four cars, located right on the bay, costs 6.5 million.

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