Anorak News | Capital Gains: London Property Most Expensive in World

Capital Gains: London Property Most Expensive in World

by | 8th, May 2007

buckingham-palace.JPGLISTEN closely and you’ll probably hear the joyous sound of champagne corks popping across London today, as property developers celebrate the news that the nations’ capital now houses the most expensive residential property in the world.

A new report, by estate agency Knight Frank along with Citi Private Bank, reveals that the average cost of central London property is a whopping £2,300 per square foot. This compares to a cheap-as-chips £2,190 in Monaco and a practically free £1,600 in New York.

Topping the list of London’s most expensive ‘super-prime’ areas are the humble environs of Belgravia and Knightsbridge where prices can exceed £3,000 per square foot.

This year, 59 per cent of prime London sales have come from wealthy foreigners, mainly from Russia, America and the Middle East.

One doubts that they’ll have any problems with immigration.

Posted: 8th, May 2007 | In: Money Comment | TrackBack | Permalink