The proximity to the worlds top business centers and a wonderful quality of life has made London the most expensive city for luxury real estate. And since they learned to cook, everyone wants to live there.
Prime residential property in London now costs around 1,200 pounds ($2,300) per square foot, compared to 1,000 pounds ($1,900) in New York, according to CB Richard Ellis Hamptons International.
And the so-called “super prime properties” in London are going for up to 3,000 pounds ($5,715) per square foot, compared with 2,700 pounds ($5,100) per square foot in New York.
“In terms of time zones and location, London is the most attractive place to be,” said Liam Bailey, head of residential research at the Knight Frank real estate agency.
Prices for central London homes worth more than 1.5 million pounds ($2.9 million) climbed 21 percent for the year ended Aug. 31, according to Knight Frank.
Foreign buyers own 51 percent of the 2 million-pound-plus ($3.8 million) market in London, Knight Frank research shows, compared to 34 percent of the equivalent market in New York and 27 percent in Paris.
The most expensive homes sold this year – a 33 million-pound ($62.8 million) house in Belgrave Square and a former office block on Park Lane – were sold by the Savills real estate agency to buyers from the Middle East.
AP Wire | 09/03/2006 | London luxury home prices hit new highs.
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If any one reading is interested in property investment in London, you can't get much more central in London than Belgravia. Knight Frank have a great collection of luxury homes with the most convenient locations
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The luxury market in London has certainly blown up in recent years.