Real estate is considered “luxurious” when it has a prime location, an expensive price, a large size, valuable materials, expert design, high-end amenities and a prestigious history. Luxury real estate is generally valued in the top 10% of properties in the local market. 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.