Ledine and Altina - loux dwelling oasis: Owners cheat, here's what a luxury property should be about

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One phrase that has become an integral part of apartment listings is "luxury" real estate. Almost every ad has such a notation. But do these objects meet the criteria attributed to them? For the most part, no.

19.10.2023 11:52 Comments 4 Photo: shutterstock

This is what a luxury apartment in Belgrade should be like.

Besides the exceptions and those who really fit the meaning of the word, it is mostly a private way for apartment and house owners to deceive potential buyers and tenants by convincing them that it is a more well-equipped property than it really is. That's why every day social media is filled with unrealistic prices and comparisons of our places to the Maldives.

What should really be in a property that carries the adjective "luxury"? If you look through the advertisements in Belgrade, more than 1,000 apartments and houses are currently for sale, ranging from 200 to 500 square meters, which are "necessarily" accompanied by the adjective "luxury". However, not only the area is a condition for a property to be luxurious, especially when you consider that a certain number of these properties, especially houses in Belgrade, are located in suburban areas where the square meter is cheaper and the properties are usually less luxurious than those on Dedinje or Senjak.

The price of luxury apartments starts at 4,000 euros/m2 and up, and a square meter of luxury homes often costs 10,000 euros or more. Luxury homes often have a large garden and indoor or outdoor pools, and when it comes to apartments, they often have a jacuzzi on the terrace. As part of a luxury facility, you can usually find spaces for exercise or relaxation (home theater or billiards), rooms converted into dressing rooms, workrooms or reception areas. Luxury homes usually have garages that fit several cars, and some homes have an additional house in the backyard designed for employee housing.

What's the catch? "In this era of digitalization, "luxury" real estate is completely subservient to the needs of the modern man. Therefore, the quality that this property as a living space should provide is multifaceted," says Nebojsa Ivic from iO Partners, a company that is a strategic partner of JLL in Central and Eastern Europe and has just opened an office in Serbia.

According to our interlocutor, there are some clear criteria that a luxury property must meet.

According to our interviewee, there are some clear criteria that a luxury property must meet - The implication is that the rooms are irregularly sized, bright, with high ceilings. Such facilities should be energy efficient, our interlocutor emphasizes. Further, such buildings should be "smart", i.e. digitized and have security. Photo: Submitted photos by Nebojsa Ivic from iO Partners

The impeccable cleanliness as well as the green areas should also be noticed. - Like I said, these buildings usually have a spa, but square footage is also a consideration. For example, having three bedrooms. Furniture is usually signed by some designer," Ivic says.

In addition, property owners prefer to include categories such as "penthouse, duplex or parlor" in their property listing. And while the term "parlor" usually refers to properties in older buildings with high ceilings and round room layouts, penthouses are typically apartments in newer buildings located on the top floors and often have large terraces with great views.

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