When it comes to the most luxurious apartments in top city centres, the only way is up.
At least that is the opinion of a number of property developers who are wooing the ultra wealthy with lavishly-appointed skyscrapers in the most prestigious of neighbourhoods, where large-scale lateral square footage is nearly impossible to find.
As well as being designed by top architects and interior designers, these luxury trophies have the added benefit of being zero-maintenance, turnkey properties.
“Wealthy buyers want convenience,” said Joanna Leverett, head of international new developments at Savills. “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.”
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.
Click here to see a list of some of the prime properties, compiled by Tara Loader Wilkinson from Wealth-X, a Singapore-based consultancy firm which provides research on ultra high net worth investors and individuals.