Real Estate Encyclopedia, terms -Private Luxury Residence

Private Luxury Residence

Elite residential building with a small number of apartments, built as an exclusive project. It is usually a closed territory with private infrastructure “for residents only”. Most often, it is a low-rise building.

The private luxury residence first appeared in post-Soviet Russia about 15 to 20 years ago. A square meter in a private luxury residence is more expensive than in ordinary high-rise buildings. Such houses are built in prestigious areas in the city or the country. The private luxury residence consists of a limited number of apartments (1 or 2 per floor). 

In many cases, future residents in European countries and the United States may need to go through various steps before getting “accepted” into the private luxury residence. The owners tend to prefer future residents of the same class and social standard.  

The private luxury residence is built with high quality construction material and includes security (cameras and security guard) and private parking.
 

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