Super prime property is the top 1% of the property market by value.
However, the definition of super-prime property can vary depending on with whom you speak. For some people, it merely means “best in class”, and that is all they need to know. In this brief guide, we will explore the various definitions.
In London, Prime Property used to refer to property valued at £1M or above. The term also loosely referenced property in Prime Central London. For years the phrase Prime was sufficient, but as prices doubled every ten years, it soon became too vague. As a result, the term Super Prime Property emerged to differentiate the higher end of the market.
Most agents will class the top 5% of property as Prime and top 1% as Super Prime.
All the larger estate agencies now have a Super Prime department. To differentiate between the various teams, the agents make the demarcation much simpler. The agents will usually focus on the property over £10,000,000 or above £4,000/sqft.
These figures vary in the Home Counties and country markets.
With recent transactions in Prime Central London regularly exceeding £100M, is it time for a new category?
Ultra Prime Property is now regularly used to define the “best in class” property. There is no clear definition of ultra-prime property, as most agents only refer to ultra-prime markets. An ultra prime market has three or more transactions above USD25,000,000 each year for three consecutive years. There are 17 ultra-prime property markets worldwide, with London being one of the most popular.
The best properties are rarely sold on the open market. By nature of the price point, they tend to be either, owned by very successful people, or appeal to them. In the business and entertainment worlds, this success also brings prominence, which is not always welcome. These individuals are often very private in their personal lives and do not want their affairs publicised. In the case of wealthy or high-profile families, security is also a consideration.
Buying the finest super prime property requires a very discreet approach. Most transactions are off-market. High profile sellers of secondary residential property do want unnecessary intrusion. They only prefer well-qualified buyers through the door. Developers selling super-prime property have a duty, and a legal obligation not to disclose their clients’ information. These details will include details of the property and purchase price. The easiest way to protect this information is not to release it to anyone in the first place.
Information on the best super-prime property is only shared with a select number of agents.
The Buying Agents have a reputation for acting with the utmost confidentiality. We are always top of the call list for any new instructions from agents, private sellers and property developers