Over the next five years, global real estate developers are scheduled to complete approximately 50 new residential towers measuring a minimum of 300 metres in height. This more than doubles the number standing in 2018. High-rise real estate is the asset of choice for the global elite, making these luxurious buildings an appealing possibility for the contemporary investor. Here are a few reasons to consider purchasing units in residential towers.
Luxury apartments in global cities like New York and London have replaced gold as a primary store of wealth for foreign investors, according to CEO of BlackRock, Laurence D. Fink, in a recent Bloomberg article. The new development market in Manhattan has appreciated at an impressive rate of 57% over the past five years, lending an air of stability that can prove very attractive to potential investors. With such high demand, real estate developers are keen to continue constructing newer, ever more luxurious towers to attract savvy buyers who want the tallest, most visually striking units available.
Investing in a residential tower gives full access to all the benefits of city living, with world-class art, culture and cuisine on your doorstep. Yet at the same time, these amenity-rich structures provide an exclusive enclave all their own, with a diverse community of residents to socialise with. Dedicated recreational spaces encourage mingling with neighbours, forging valuable new connections to grow your network. Units on upper levels tend to come at a premium for their privacy and sweeping city views, far above the bustle of city life.
The ‘Flower Tower’ project in London stands out for its ambition. When completed in 2020, this skyscraper will stand 67 storeys high and comprise 861 apartments. The concept is one of a vertical city, designed by the architecture firm HOK to include an on-site swimming pool, cinema, gym, library and wine bar, alongside a communal garden and children’s play area. Local low-income residents will also be catered for, with 96 affordable units earmarked as part of the deal with Tower Hamlets council, in recognition of London’s housing shortage.
Manhattan’s 220 Central Park South is another recent project that’s drawn a great deal of attention, with 70 floors housing 116 units. Designed by Robert A.M. Stern Architects, this limestone-clad building joins fellow residential towers like Central Park Tower and One57 along ‘Billionaires’ Row’. Luxury amenities include an athletic and leisure club, private dining rooms, a wine cellar, golf simulator and library, while interiors feature oak herringbone flooring and extensive marble fixtures.
Naturally, there’s no shortage of residential towers in Dubai, including 23 Marina and the sleek Princess Tower. When completed in 2012, Princess Tower stood as the tallest all-residential structure in the world, with 101 floors and 763 luxurious apartments. This feat of engineering not only offers plenty of five-star amenities on-site and a tram to connect it to local shopping malls and attractions, but it also boasts the latest safety technology, including wind-speed alarms for upper-floor residents.
A total of 187 apartments with magnificent panoramic views will be built here by completion in mid-2020, 94 of which are for sale as condominiums. Even the lowest condominium is at a height of approx. 110 metres. In other words, everyone lives upstairs - a unique concept. The house's own wine cellar enables the well-tempered storage of the own wine collection and the underground car park offers up to 50 E-Car charging stations.
This exclusive mixture of residential house above and hotel below with its 140 meters is the new highlight of the Frankfurt skyline. The ONE FORTY WEST is centrally located between the two lively districts of Westend and Bockenheim, in the middle of the urban heart of Frankfurt. The shops of Engel & Völkers Frankfurt are also located there. With their extensive network, expertise and passion for Frankfurt, a local and competent partner for the rental and sale of high-quality residential and commercial properties has been found here.
In booming cities where land space comes at a premium, the only way to build is up. Whether you’re interested in investing in residential towers as a stable financial asset or wish to reap the benefits of high-end urban living, there’s no shortage of options in today’s world capitals.