Under the influence of capitalism, which dominates the world, housing has become a commodity first, and then it has become a symbol of prestige. The phenomenon of conspicuous consumption put forward by Veblen is the basis of the existence of the luxury condominiums that are becoming more prominent in the cities today. This article aims to show that people pay high prices to live in a luxury high-rise condo and present it as an indicator of prestige in their lives. For this purpose, firstly, the theoretical dimension of the conspicuous consumption and residence preference of the people, has been put forward by literature research. Subsequently, semi-structured in- depth interviews were conducted with a total of 58 people in seven different luxury high-rise condo in Istanbul. Data from the field are discussed in the context of 'Veblen's conspicuous consumption theory. As a result, it has been shown that luxury high-rise condos in Istanbul are conspicuous consumption elements within the scope of Veblen's theory.