The most common definition is that a luxury home is one that has an extravagant amount of space, high-end amenities, and a high price. Like beauty, luxury can be said to be in the eye of the beholder. Often elusive, sometimes overused, but always out of the ordinary, “luxury means different things to different people. In its broadest sense, luxury connotes quality, refinement and exclusivity.
However, in the rarefied world of premium real estate, their definitions also cover changes in lifestyles, changes in economic centers, the need for greater privacy and environmental concerns. A prestigious property must meet more than one criteria. Reflecting the overall luxury market, luxury properties connote quality, refinement and exclusivity. These concepts evolve and cover current trends and economic and cultural changes.
The benchmark for the price of a luxury home, as well as what is considered a standard service or feature of a luxury property, varies significantly around the world.