London is the most expensive city in the world if you are looking for super prime housing with prices hovering around £6,000 per sq ft. In many ways London is considered the best city in the world. It has history and heritage, it has culture and entertainment, it is a commercial and financial hub and politically it is fair and stable. If you were looking for a world capital, London would be a natural choice. It is these factors that have made London a safe haven for the elite around the world. The growing number of the super rich from the emerging markets all want a trophy home in London and it has pushed the prices way beyond any other city in the world.
Prices in London are 49% Higher Than March 2009
Hong Kong prices are closest to London at £5,500. New York is next at £5,300 but the problem is that the city has all the business but the entertainment is far away in Los Angeles. Sydney and Paris complete the top five at £4,380 and £2,900 respectively. The prices of prime property in Central London are still rising and are 49% higher than March 2009. Trevor Abrahmsohn of Glentree Estates has been in the business for over 35 years and has sold some of the London’s most expensive homes. According to him London is a free-spinning, 24-hour city. It is electric, eclectic, fun and serious and has culture and heritage and all the centers of excellence in UK are in London.
Russian Billionaires Investing Over £10 Million On Average
According to experts and property advisers from CBRE the prevailing high prices are a result of limited supply. The elite are looking for properties with golden postcodes predominantly around Knightsbridge, Kensington and Chelsea. Russian billionaires have made a beeline for London with their average spending working out to over £10 million. The super rich from India also occupy almost 25% of the Mayfair addresses. Residents from Dubai, UAE and Saudi Arabia are also coming into the London market in increasing numbers. Even investors find it to be a risk free investment as even in an uncertain economic environment London provides them with the most stable alternative.