What are the determinants of luxury interior design?
According to the latest projections, the number of rich and affluent Poles is constantly increasing. In 2016 it will reach one million for the first time in the history. This increases the market size and total demand for luxury goods. However, affluent people come up to purchase rationally. The acquisition of luxury goods is often considered by them as an investment. One of the most popular luxury goods still remains real estate.
Affluent Poles pay special attention to the service performance and the quality of products, because they treat the purchase as an investment. They mostly invest their income in real estate. Therefore, although the number of wealthy Poles continues to increase, the national luxury real estate market is still in its infancy compared to world leaders. It is estimated that the total value of transactions in the primary market of luxury properties in Poland amounts to approximately 500 million PLN per year. But what exactly determines whether the property is considered as a luxury?
A proper location
To be considered as a luxurious property, an apartment should be located in the prestigious area – in the heart of the city, near the Old Town or in the vicinity of the park, the theater or the opera. Unquestionably one of the main advantages is proximity of green areas, because it guarantees adequate recreational space and silence. An important role is also played by a unique view from the windows – impressive panorama of the city reflects the luxury of an apartment much better than the sight of a nearby supermarket.
In Warsaw, the price of a luxury apartment in the heart of the city center can be up to 30 thousand PLN per square meter (secondary market). That price stems from a prestigious location, because the district is well connected with plenty of restaurants, pubs and clubs. The majority of the cinemas, theaters and the seats of the largest institutions or companies is also clustered in and around it.
The appropriate standard of service performance
Luxury is based mainly on a high standard of service performance and the use of noble materials of adequate quality. Therefore, in the most expensive apartments we can often see exotic varieties of wood or natural stone – the marble is applied to the interior stairs, window sills, internal flooring and kitchen countertops. The exclusivity of the interior is also affected by high-quality fabrics – one meter of silk embroidered in many colors can reach a price of even 1.2 thousand PLN.
Comfort of tenant
Every “top shelf” property is now equipped with intelligent home control system, which realize such functions as controlling heating, air conditioning, lighting and household appliances. The use of the latest technological solutions – like noise-free plumbing, energy-efficient lighting and modern access control systems – increases the comfort of the tenants and provide preservation of privacy. One of the most popular facilities of luxury residential investment is also easy access to fitness center, sauna and swimming pool.
Investment in luxury
It is worth remembering that there is no single definition of luxury. The perception of goods and services as luxury depends on the person’s level of wealth. The most affluent Poles consider the property for luxury, when a square meter costs over 20 thousand PLN. The main indicator of luxury is the price or the location of the property, rather than its size.
Unfortunately, same investment in the “top shelf” materials and equipment does not guarantee that our apartment would look classy. On the contrary, it is very easy to fall in the trash, not knowing moderation. Such overarranged apartment can be a very costly mistake. Therefore, the safest solution is delegate this function to specialists in interior design.
Is it worth to invest in luxury property? Yes, because prices of exclusive property in Poland increase with the growing demand for luxury goods. Currently prices remain at a relatively low level – of course compared to similar apartments in other parts of the world: a penthouse in London can cost even $200 million, apartment in New York will cost $70 million, a terraced house in Paris – $65 million. Warsaw with its luxury apartments for $10 million looks very simple, but one of the features of this type of property is that they have an implicit guarantee of the growth of its value, so this amount can quickly become outdated.