Today, many people plan on purchasing elite real estate, whether it’s for living, renting, or investing. We can definitely consider this to be a beneficial intention. However, if you are really interested in getting such property, it is important to take into consideration several factors before making a decision.
The issue is that there are no universal standards defining elite real estate in the domestic or international markets. For instance, the criteria and perceptions of elite real estate in Armenia are way too different from those in Russia or Europe. Modern trends keep changing, which also reshapes the concept of the elite segment.
Elite real estate: Basic standards
In reality, even within the same country, the criteria for elite private houses, apartments, penthouses, and commercial buildings can vary. Now, let us try to list the standard criteria.
1. Dimensions
Elite real estate can’t be an apartment with a small Khrushchev design. The area of premium apartments must be at least 100 square meters, while private houses must span 500 square meters, and include a courtyard and parking space. Ceiling heights should start from 3 meters. The kitchen must be at least 20 square meters. Bathrooms should be separate and not just one, ideally it should be one in each bedroom, along with a shared bathroom for owners and guests.
2. Exclusivity
Each elite property is unique in its design, with renovations and finishes that are completed using premium materials like natural stone and valuable wood.
At first glance, one might think that buildings of the famous “Stalin” design in the center of Yerevan, that have spacious rooms and high ceilings, could be qualified as elite real estate. However, not every apartment falls into the premium category. Time is the one dictating new rules, ideas, conditions, and requirements.
The Standards of a Modern Elite Apartment
Let’s explore the essential requirements that decide whether a property can be classified as elite real estate.
1. Location: Elite properties can either be apartments or houses in the city center, near parks, squares, and architectural, historical, or cultural monuments, or they can be elite new buildings in environmentally clean areas, away from highways, noise, and dust.
2. Aesthetic facade: In case of historical and cultural buildings, the building should be restored. For new constructions, the decorative cladding should be luxurious and exclusive, made only from natural, high-quality materials.
3. Parking lot: Cars should not be parked in the yard. Ideally, there should be two parking options: underground parking with at least one space per apartment for residents and above-ground parking for guests.
4. Internal infrastructure: Should include green areas for relaxation, fountains, sports facilities, playgrounds, fitness clubs, kindergartens, studios, SPA salons, swimming pools, beauty salons, supermarkets, cafes, and more. All of these should be close and easily accessible.
5. Service: Should provide maintenance, cleaning, garbage removal, and area cleaning. A lobby on the first floor, where a staff member will welcome residents and guests, offering assistance and guidance.
6. Security: 24-hour video surveillance, intercom systems with cameras, a security service, and access control.
7. Engineering equipment: Elite properties are equipped with fire alarms, unified air conditioning control, centralized cooling, and air purification systems, uninterrupted supply of hot water and electricity.
8. Modern technologies: Eco-friendly green solutions and advanced smart technology. They have reliable heat and sound insulation, water purification systems, and energy-efficient double-glazed windows.
9. Value: The high price of elite real estate is justified by many factors. This includes the cost of the location, the provision of utility services, the use of natural materials, landscaping, and the developer’s administrative costs.
Also, we should note that the demand for elite real estate in Armenia has increased.
