London named ‘world’s most expensive city’ for housing and property
London: London has been named as the world’s most expensive city for super-prime housing after it emerged that wealthy homeowners are shelling out over a staggering 6,000 pounds per sq ft. in properties.
According to a report from property advisers CBRE, the super prime market is limited to a sphere of ‘golden postcodes’ predominantly around Knightsbridge, Kensington and Chelsea, the Daily Mail reports.
According to the paper, the average price for a super prime home is 6,000 pounds per sq ft, well ahead of Hong Kong (5,500 pounds), Sydney (4,380 pounds), New York (5,300 pounds) and Paris (2,900 pounds).
India’s wealthy residents also look to London for super prime property, making up 25 percent of the Mayfair population.
There is increased activity from Dubai, UAE and Saudi Arabia also, although money for these deals will have often originated from countries such as Syria or Bahrain, CBRE said.
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