As with most rental properties on the market in 2023, penthouse properties have risen in popularity due to the premium affordability in comparison to interest rates on the mortgage market. As a highly sought after asset, the benefits to investing in penthouse property will only increase over the next decade.
With the promise of luxury, most penthouse projects will include exclusive facilities or amenities vital to the property’s value including proximity to transport links, concierge services, a residential gym, local commercial units and more.
Covering the basics of what’s expected from the premise of luxury living, it’s clear that penthouses make a premium product that appeals to tenants who want an extravagant city-centre lifestyle.
Spacious floor plans
The demand in quality housing has been on an incline as renters migrate north, seeing the value increase in properties offering multiple bedrooms.
Usually consisting of 2 or more bedrooms and bathrooms, a penthouse unit provides considerably more space per square foot as well as the capability for more natural light. These factors enable a higher rental income for investors with the potential to see a return of investment at a faster rate than usual apartments may offer.
Paying a premium for views alone, renters are keen to find properties offering the best of city-centre living inclusive of breath-taking views and outdoor space.
Seeing an increase in demand since the pandemic, outdoor space has seen a surge in allure, additionally adding value toward rental properties. Complimenting breath-taking vistas of city skylines, natural landscapes or iconic landmarks, outdoor penthouse spaces can range from sky-level terraces to wraparound balconies offering an exclusive living experience.
Establishing an assets security on the market, the location in which a penthouse sits is crucial in determining its desirability, value, and sale ability when the time comes.
Previous factors such as awe-inspiring views, the proximity to cultural attractions, easily accessible transport links, proximity to business quarters, and the total of upscale amenities, exude the prestigious lifestyle associated with a penthouse. And with property developments now regenerating up-and-coming areas, some opportunities may be the first of their kind with a profitable value that will only increase.
Other factors such as high-end features including designer lighting and furniture, spa-like en-suites, and custom finishes, as well as the above, make penthouse property investment a desired asset for a prosperous portfolio as well as a unique area of specification.