Excerpt

London still has the most expensive real estate in the world, with top-whack properties going for twice the price here as in New York, Hong Kong and thriving Moscow, according to research by Hamptons International.

Date

28th February 2008

Publication

Reading time

1min

Price-wise, London is streets ahead

London still has the most expensive real estate in the world, with top-whack properties going for twice the price here as in New York, Hong Kong and thriving Moscow, according to research by Hamptons International.

Its study of leading global cities found that the capital can command £4,000 per square foot. Presumably it was put together before the secretive Candy brothers, who make all interested parties sign confidentiality agreements, released figures for 1 Hyde Park, now claimed to be achieving over £5700 per sq ft. New York, at number two, fetches a mere £2025 per sq ft.

“When people become wealthy, one of the first things they buy is property, and one of the first cities they go to is London,” said buying agent Camilla Dell of Black Brick Property Solutions. “There are many fewer Russians out there now, compared to 2006; I have heard they have moved on to Paris. We expect buyers from China to be the next big thing.”

London is even further ahead of UK rivals such as Bristol at £930 per sq ft, Edinburgh at £840 per sq ft and Brighton at £590 per sq ft.

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