High end property; ‘buying into luxury’

For most of us, looking for a property involves endless trips to the local estate agent and hundreds of hours spent looking through the property sections of the local paper. However, if you happen to be lucky enough to be an oil tycoon, steel baron or Saudi princess then the process of finding a property is somewhat different.

For the last seventeen years I have been fortunate enough to have been involved in the high end, luxury property market in the UK and Europe and meet many of these people on a daily basis. Unlike the general property market, where most deals are finalised in the estate agents office, the majority of the deals I’ve been involved in have been agreed over dinner at some of London’s finest eateries and establishments – and by deal I am talking about investments in the region of £10m and above.

One of the first questions people tend to ask me about the super-prime/ ultra high end market is, ‘what are these people looking for?’ The truth is at the top end of the market there are two basic rules you have to bear in mind. The first rule is that luxury living is extremely important to the super rich  so when you are developing a property, such as with my latest development in Beaufort Gardens, this has to be firmly in mind.

But what does luxury living mean? In terms of lifestyle, people want to experience something exclusive, to feel important and be part of a niche market which is often observed by many as the pinnacle of an idyllic lifestyle. Among the top three aspects of luxury living include location, prestige and spacious design. For instance, when we were planning for our development in Beaufort Gardens we realised one of it’s major selling points was it was in the heart of Knightsbridge, just a stones throw from Harrods – which is extremely appealing to our clients. Also we could have made several more apartments in the building, but only built five so that each one had the feel of a roomy house, despite being in central London.

The other major concern for people looking to buy property in the high end market is the question of investment. With the current state of the global economic affairs, many industries are now suffering. However, in terms of super prime property, the market is still doing extremely well. A recent report by Savills revealed that sales of ‘premier league’ properties, of £10m plus, have actually increased. The report outlined that the number of transactions have risen dramatically. Certainly, I see no sign of this changing.

One of the main reasons the market is thriving is that the demand for super prime property is higher than the supply. Put simply there are just not enough ultra luxury properties to go around – especially in London. From Park Lane to Mayfair, buyers are falling over themselves to get a foot on the ladder of the market and the truth is many miss out.

Perhaps one of the most intriguing aspects of this world, however, are some of the requests developers get from buyers. Over the years I’ve dealt with some pretty interesting situations – from a couple who wanted a new kitchen with Italian Marble worth around £100,000 to a request for bullet proof windows. I’ve even had to design personalised wall paper for one couple. The secret for all developers at this level is to expect the unexpected – at times the demands can be quite off the wall – but it’s all part of creating the type of lifestyle the client wants.

Overall, buying into luxury property provides people with a designer lifestyle in some of the most iconic residences in Britain. The cost of luxury is limitless and the market will always thrive because luxury has lost is price tag. The sky has no limit when it comes to luxury, as today more than ever, luxury is a priceless commodity.

Nicholas Trimmatis is CEO CBG World Wide
For more information please visit cbgworldwide.com or call +44 (0) 20 7887 6097 or email info@cbgworldwide.com