However, after the era of skyscrapers began in New York in the 20th century, the concept of a penthouse underwent a kind of "gentrification" and began to mean a luxurious mansion or apartment on the roof.
Over time, the format gradually began to blur, and the scope of the word expanded.
So, is it necessary to have access to the roof today in order to be called a penthouse? And what are the unshakable typical features of this type of housing?
Penthouses in Cyprus
In Cyprus, a penthouse is an apartment on the top floor of a building with an extension on the roof and a spacious terrace, the area of which is often one and a half times larger than the area of residential premises. The terrace can be left open by equipping there, for example, a swimming pool or barbecue, or it can be closed after receiving the title (ownership rights), turning it into a room. Someone makes himself a hookah bar, a cigar bar, someone puts a Jacuzzi or exercise equipment.There is usually one penthouse or several - up to four - on a floor.
If the penthouse has a swimming pool, make sure there are no leaks. There are times when the pool leaks, which can hit your pocket hard.
The fashion for penthouses appeared in Cyprus relatively recently, about 10 years ago, and not all developers understand this type of housing. Insufficiently experienced companies often believe that a penthouse is just an apartment with a large balcony on the top floor. However, there are also those who know how to create a good product, for example, BBF is well versed in this format and explains Kirill Ravchenko, CEO of DOM Real Estate."Penthouses are very popular with Russian-speaking buyers, Russians, Ukrainians, Belarusians," the expert notes.
Most of the apartments with access to the roof are, of course, in Limassol, as high-rise buildings prevail there, and there is a high demand from interested foreigners. There are also plenty of penthouses in Larnaca. There are not so many of them in Paphos, because there are more individual houses being built there. There are few penthouses in Nicosia - the capital's market is mainly focused on Cypriots, and they are indifferent to this type of housing.
A good penthouse in Larnaca costs 350,000 400,000 euros, in Nicosia about 400,000 450,000 euros, in Paphos prices are comparable to those in Limassol, in Famagusta for 150,000 you can look for an option.
There is no legal concept of a "penthouse" in Cyprus, as in other countries. Although this word may appear in the contract, the title issued by the land department will say "residential real estate".
Duplexes in Turkey
In Turkey, a penthouse is called a "duplex", or sometimes it is written "duplex". The certificate of ownership prescribes the name of this type of property as "duplex". "The contract can, of course, specify it as a penthouse, but it is better if the same terminology is used as in the tapu, that is, a duplex," says Ksenia Baldzhi, executive director of Liga Real Estate. "However, the word 'penthouse' is often used in ads, as it is accepted in world practice."
What is a duplex? This is a two-storey apartment. There are three types of such apartments in Turkey.
Classic duplex The apartment, which is located on the last two floors. The entrance to it comes from the lower floor, and a staircase leads to the upper level. Usually on the 1st floor there is a kitchen, a living room, sometimes one bedroom, and on the second floor there are 2-3 more bedrooms.
The second version of the duplex is inverted, or ters-duplex.They enter such an apartment from the top floor. The layout is reversed: upstairs there is a kitchen, a living room, a bedroom, and downstairs there are bedrooms.
Both of these types of real estate can be classified as penthouses, as such apartments always occupy the last floors of the building.
The third version of the duplex is the garden duplex They are located on two lower levels, the first and the second (zero and the first in the Turkish tradition), so, of course, it can no longer be called a penthouse. On the ground floor of such an apartment there is a kitchen and a living room, as well as access to a private garden, fenced off from the neighbors. Convenient layout for families with small children.
Gardeners of residential complexes are required to take care of such private gardens. This distinguishes duplexes from villas, as the owner himself is responsible for the territory of the house. Garden duplexes are an alternative villas if, for example, a person does not live permanently or travels frequently. Large families who are looking for spacious housing, but do not want to hire staff to take care of the house, often choose this type of property.
Duplexes are usually suitable for the Turkish citizenship by investment program (that is, their cadastral value is more than $ 400,000), therefore, in 90% of cases, such apartments are bought specifically for the purpose of obtaining a passport.
If the property costs less than 400,000 but more than 200,000 dollars, it will not be possible to apply for citizenship, but you can obtain a residence permit based on a certificate of ownership, provided, of course, that the property is located in an "open" area.
What should be considered when choosing a penthouse?"I recommend that you visit the ready-made house of the developer from whom you plan to buy the penthouse before the transaction," says Ksenia Baldzhi. "It's best to go in winter, during the rainy season, that is, in January and February. Go up to the last floor and see what's with the waterproofing. You can also visit in the middle of summer, go up to the top floor of the duplex and pay attention to the temperature. If it is unbearably hot compared to the lower floor, then there is a problem with thermal insulation."
Prices for duplexes in Alanya range from 150,000 dollars (in the secondary market) to several million. In many cases, prices are comparable to villas, as residential complexes are located closer to the sea, and villas are mostly at a distance, closer to the mountains. Sometimes a penthouse can be more expensive than a similar-sized house if it is a luxury complex on the first coastline.Penthouses in Thailand
A penthouse in Thailand is a spacious apartment on the top floor of a building, and this is always the highlight of the project and an exclusive. As a rule, this kind of real estate is represented in luxury high-rise complexes.
There are quite a few offers of penthouses on the Pattaya market. In luxury high-rise buildings, developers do not design many apartments, and there are only two or four penthouses per building, or one large one.
Penthouse BuyersThese are usually well-off people who live in Thailand permanently or most of the time. There are a lot of investors in the market. "When the pre-sale opens, the penthouses are usually already booked on the first day. There are buyers who only want penthouses, and the agent keeps reservations for his clients," Olga Barteneva notes.
The advantages of penthouses for investors focused on the elite segment are obvious. There may be a hundred typical apartments in a condominium, but there are few penthouses, and the owner will dictate his price when selling. If we are talking about a penthouse, then it is always exclusive, and such exclusives give a very good margin," the expert believes.The demand for renting penthouses is also high. Finding an offer on the market is not easy. Many foreigners today come to Thailand for the winter or for a long time, and they prefer just large squares - apartments of this kind are ideal.
Penthouses are usually more interesting in terms of design. They have panoramic glazing, allowing the owners to enjoy magnificent views. Developers, as a rule, allow buyers of such facilities to make adjustments to the layout, if, of course, they are acceptable.
Penthouses are expensive housing. The cost depends on the location, the quadrature and the status of the project. For example, in a luxury project under construction, at the start of sales in Pattaya, the price per square meter will average from 180,000 baht (5515 dollars), in Bangkok, in the central part, from 200,000 baht (6127 dollars).
What is the difference between penthouses and other types of luxury housing - villas? In Thailand, this is primarily a legal status. A villa cannot be fully privately owned by a foreigner, but a penthouse, which is essentially an apartment, can. In addition, it will cost more to maintain the house. "From an investment point of view, the penthouse, in my opinion, is more interesting because it is more exclusive," Olga Barteneva summarizes.Penthouses in the UAE
Penthouse in Dubai - apartment on the top floor of a high-rise building. Most often, it is the only one on the entire floor, with a large area, a spacious terrace, its own swimming pool, and beautiful panoramic views. Penthouses can also be two- and three-level.
In official documents, penthouses are listed as luxury apartment or apartment with a view, depending on the characteristics.
This type of property is chosen by people who value silence and privacy. "In the UAE, sales of such apartments account for a small proportion, less than 0.1% of the number of transactions, but a significant part of the total sales volume. This is due to the high cost of the facilities," says Maxim Daurkin, Head of Institutional Client Relations at Metropolitan Group.
Many people purchase penthouses, like other types of housing, for investment purposes. If you buy such an apartment under construction, it can increase in price by up to 60% after completion.
When buying a property worth over $ 205,000, the owner gets the right to apply for a resident visa (equivalent to a residence permit) for a period of 2 years. Housing must be purchased in Freehold Zones and fully completed. If the apartment costs from 545,000 dollars, a visa is issued for 10 years. In this case, the object may be commissioned or under construction. A penthouse is an expensive property, so its owners usually have this right.
"Buying a penthouse is beneficial both as a rental option and as a property for personal use. The UAE is safe, comfortable, and has a well-developed infrastructure. The owners pay a state fee of 4% of the value of the property once, at the conclusion of the transaction. After that, they can live on their own, rent out a house and not pay income tax," explains Maxim Daurkin.
At the same time, the purchase of a penthouse, like any other real estate, is accompanied by a number of risks: a delay in the delivery of the object by the developer, a high initial payment or regular payments during the construction process when purchasing a new building, as well as the presence of encumbrances, debts, repair problems when buying a penthouse from the owner.; the expert warns. Therefore, the procedure must be approached responsibly and involve competent intermediaries to conclude the transaction.Most of the penthouses in the UAE are located in Dubai, in the Dubai Marina areas, Palm Jumeirah, Burj Khalifa, Dubai Water Canal, Bluewaters Island, Jumeirah Buy Island. Prices can reach 130,000,000 dollars. Promising areas are also considered Ras Al Khaimah and Abu Dhabi, areas of Saadiyat Island and Al Jurf. There, prices for penthouses in new complexes start at an average of $ 4,000,000.
Penthouses in Spain
In Spain, a penthouse (in Spanish, tico) is an apartment on the top floor of an apartment building, usually with a terrace (sometimes large), often with scenic views of the sea, mountains or the city.
The terrace can be on the same level as the accommodation, or it can be located on the roof (this option is sometimes called "tico d"plex).It is not uncommon to set up a recreation area there, install a barbecue or a Jacuzzi.
"In Spain, the term penthouse is used in everyday life and in real estate advertising, but it is not a strictly legal concept," explains Ekaterina Okhilkova, head of the Expert Agent agency. "Nevertheless, it may well be specified in the contract of sale as part of the description of the object, if it corresponds to the actual characteristics."In the Nota Simple (extract from the property register) or in the Escritura (notarial contract of sale) it can be written vivienda tipo or vivienda situada en la planta tico, that is"penthouse-type housing" or "housing located on the top floor".
Of course, penthouses are more expensive - the difference compared to similar apartments on other floors is about 10-30%.
"Buying a tico in Spain can pursue different goals, from personal residence to investment and obtaining a residence permit," says Ekaterina Okhilkova. "Such apartments are popular among families, retired couples, and people working remotely."
Penthouses are often purchased for rent. It is especially advantageous to rent them out "for a short time" in tourist regions such as Barcelona, Valencia, Marbella, however, we remember that such activities require a Vivienda de Uso Turístico (VUT) license. With a long-term lease, the income is lower, but more stable and without the seasonality factor.
"Penthouses in new residential complexes under construction are often purchased for resale after 1-3 years. This is promising in rapidly developing areas, for example, in Alicante or on the Costa del Sol, the expert notes. With the right location, you can get a 15-25% price increase in 2 to 4 years.
When choosing tico in Spain, it is important to consider not only the visual and marketing characteristics (view, terrace, floor), but also the legal, technical, operational and investment parameters. For example, does the elevator reach the penthouse floor, is there a private terrace or is it a common space (in fact and according to documents), are there awnings, pergolas, canopies, is it possible to install a Jacuzzi or a swimming pool, is the roof waterproofing, sound insulation, thermal insulation, and so on done well.
In Madrid, premium segment penthouses cost about 2 million euros. In Barcelona, the price range for such apartments is from 1.2 to 3.2 million euros.
In terms of the share of penthouses in total sales, the leaders are: Palma de Mallorca (14.6%), Murcia (9.2%), Barcelona (8.1%), Alicante (7.7%), Valencia (7.2%).
Summary
- Penthouses are apartments that occupy the last or last floors of buildings, more often high-rise buildings. Sometimes these are duplex or multi-level apartments. In some cases, they have access to the roof, where a place for recreation is set up, which can be either open or closed.
- Usually penthouses are generic apartments with more privacy.
- Penthouses are usually the most expensive and exclusive offers in the complex. They often have spacious recreation areas. Maybe a swimming pool, a gym. Due to the high price, penthouses open up the possibility of additional privileges to buyers, such as, for example, receivingcitizenship for the whole family in Turkey or a 10-year residence visa in the UAE.
- The cost of a penthouse depends on the country, location, and positioning of the complex and can range from 150,000 to several tens or even hundreds of millions of euros.
- The penthouse is solely a marketing designation. There is no legal concept of "penthouse" in any country.
Thank you for your help in preparing the material:
Kirill Ravchenko, CEO DOM Real Estate
Ksenia Baldzhi,Executive DirectorLiga Real Estate
Olga Barteneva, head of the company"Gallery of real estate in Pattaya and Phuket"
Maxim Daurkin, Head of work with institutional clients Metropolitan Group
Ekaterina Okhilkova, Head of the agencyExpertAgent
