You Might Like
London ousts New York as the world’s capital of exclusive housing
London has overthrown New York City as the city with the world’s most exclusive housing market, a new report has found.
Prices in the British capital are constantly on the up – and while prices soar, so does the number of luxury properties priced from £1 million (€1.35 million, $1.52 million) upwards.
Estate agent Knight Frank’s most recent Global Development Report puts London well before the likes of New York City, Hong Kong and Singapore.
In 2014, 6,250 properties worth between $2 million (€1.77 million, £1.30 million) and $5 million (€3.26 million, £4.43 million) were sold in the British capital, and a further 1,638 clocked in at more than $5 million.
That’s nearly triple the amount of comparable properties being sold in Hong Kong or Manhattan; in Dubai, only 55 properties valued in the $2 million to $5 million price bracket were sold.
Yet despite the high number of properties sold in London, New York holds the crown of being the most expensive city when it comes to super-prime property, with prices ranging between $6,000 (€5,317.26, £3,917.34) and $7,300 (€6,469.34, £4,766.10) per square foot.
In London, a square foot of the same property class costs between $5,500 (€4,874.16, £3,590.90) and $6,500 (€5,760.37, £4,243.79); Dubai, once again, is the cheapest option, with prices between $800 (€708.96, £522.31) and $1,000 (€886.21, £652.89), followed by Los Angeles, where a square foot of super-prime property clocks in at $1,300 (€1,152.07, £848.75) to $1,500 (€1,329.31, £979.33).
The report also found that, over the last ten years, London witnessed a 138% price growth for prime properties, putting the capital in the lead before Hong Kong (93%), New York (78%) and Singapore (69%).
‘The global high-net-worth property buyer has never been more discerning or educated, or had more choice,’ said Ian Marris, heading up Knight Frank’s London Residential Development Team.
‘To attract this kind of buyer, luxury developments clearly need to be best-in-class, but developers also need to keep sight of their ultimate goal, which, of course, is profit optimization, not purely capital receipts.’
Knight Frank credited London’s property boom in parts to the city’s ability to adapt to the housing market’s growth, but also to the rise in population and the resulting growth of the city’s workforce
The post London ousts New York as the world’s capital of exclusive housing appeared first on Gay Star News.
Stefanie Gerdes
www.gaystarnews.com/article/london-ousts-new-york-as-the-worlds-capital-of-exclusive-housing/
You Might Like
