The prices for luxury apartments in city centers are soaring, and so too are their locations.
Property developers around the world are wooing mega-wealthy buyers with lavishly appointed skyscrapers in the most prestigious of neighborhoods, where large-scale lateral square footage is nearly impossible to find, according to a recent article in Wealth-X.
“Wealthy buyers want convenience,” Joanna Leverett, head of international new developments at Savills, told Wealth-X.
“Flagship developments provide services and facilities such as spas, wellness and restaurants that you wouldn’t normally get in a house, all within walking distance to the city’s restaurants and culture instead of being out in the sticks.”
These trophy residences are being designed by top architects and interior designers, and have the added benefit of being zero-maintenance, turnkey properties.
(Check out: Top 10 Most Ridiculous Luxury Items: 2013)
This type of apartment is easier on the rent and resale market too, said Edward de Mallet Morgan, head of super prime international property at Knight Frank. “More owners are renting out their properties where there is a good management, rental service or a concierge, as it is nice to have some income being generated to put towards annual running costs,” he said.
Following is the Top 10 most expensive luxury penthouses on the world, and the developers behind them.
— Related ThinkAdvisor stories: