LondonNet : Latest News Headlines
08/05/07
London Tops the World Property Price Charts
- Our expensive places are even more expensive than theirs

London Tops the World Property Price ChartsLONDON is the priciest place to buy pricey property, according to a new survey by estate agents Knight Frank and Citi Private Bank.

For property costing over UKP1 million in London, the average price per square foot is UKP2,300. That's higher than in Monte Carlo, which posted an average UKP1 million-plus price of UKP2,190 per square foot and way ahead of third-placed New York, which came in at a pauper's price of UKP1,600 per square foot, with Hong Kong and Tokyo were just behind.

"The most expensive cities are those where rich international buyers congregate, and no other city is as international as London," said Liam Bailey of Knight Frank, by way of explanation.

This rising interest from foreigners plus mega-bonuses for top City workers, taken together with a time-lag in building or finding them the homes to which they would like to become accustomed, is a classic supply and demand situation and prices in this exclusive sector have subsequently risen by 32 per cent in the last year.



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