Concept of luxury real estate differs among countries. It is often defined as real estate having a value in excess of over $1 million, yet this varies greatly depending on the location.
In all cases, location primarily defines the property's value, especially with respect to presence of surrounding homes, amenities, views, waterfronts, absence of crime-rate, industrialization or unwanted commercialization, customizations of the home, and historical or architectural significance.
Thus, a 2,000-square-foot waterfront home with less than 1-acre of property might be worth a lot more than a 10,000-square-foot mansion with 20 acres of land.
|