Luxury real estate Vancouver is among the most popular property markets in the world as a result of the cityâ€™s magnificent location and lush landscape. A thorough search is the key to accessing the best properties found in the prime lands of this great city. Immigrant population and foreign investors are some of the greatest buyers of luxurious homes in Vancouver city. In fact, it goes without saying that the majority of the homes built particularly target this kind of clientele. Irrespective of the location of a prospective client, it is important to know what to expect in this real estate market.
The Cost of a Luxury Home
Homes in prime areas of Vancouver city that are in high demand and cost a minimum of $2.8 million are considered luxurious by the site, Globe and Mail news. On average, the size of a home in the luxury real estate Vancouver is approximately three thousand five hundred square feet. In addition to being built on the cityâ€™s areas that are highly in demand, including West Vancouver, Point Grey & Shaughnessy, these luxurious homes have beautiful scenes, green gardens and swimming pools among other facilities that add to their value.
As a result of the prevailing conditions in the real estate market and Vancouverâ€™s economy, the cost of luxurious properties or homes is always fluctuating. This cost of property is totally dependent on disposal income; this means that the higher the disposal income gets, the more an investor or buyer has to pay for a home. A 29% decrease in the cost of luxury homes in Vancouver has been a trend in this market since the previous year. However, housing experts predict an increase in the cost of these homes in the next couple of years as a result of the Russians, Asians, British and Americans that are increasingly flooding this market. This makes â€˜NOWâ€™ the right time to purchase property in Vancouver.
What Encompasses a Luxury Home?
Depending on where one is coming from, the definition of â€˜luxury homesâ€™ vary from one city to another and from country to country. In the luxury real estate Vancouver, a luxury home is 3500 square feet in size or even more; they are built in the best neighborhoods and can have a perfect view of the city, like West Vancouverâ€™s British Properties, with views of the ocean and mountains and city; they feature large garages that can accommodate more than one vehicle or car; swimming pools and are highly furnished with expensive interior dÃ©cor items and also feature very spacious kitchens that can allow for parties.
Why is the City of Vancouver the best Location for Purchasing Luxurious Property?
Currently, Vancouver is the city to buy a luxury home as a result of its economy that is experiencing a downturn. It is currently referred to as the â€˜buyersâ€™ marketâ€™ for homes. Although the cost of homes is not really low, investors have access to beautiful homes with flamboyant views and amenities that they can resell in the future for good returns. There are no regrets with luxury real estate Vancouver homes.