London’s High-end Real Estate Is Twice as Expensive as New York’s

While everyone's saying that the New York real estate market is far from being the most affordable, a recently released report may just ease that tantrum with the result showing that London's high-end real estate rates are double that of the Big Apple, Lucy Cohen Blatter reports for the Business Insider.

According to the report, the market situation in both cities led to the 7% increase in the number of London's big spenders who are looking to invest in New York City.

However, there's a caveat. On a price-per-square-foot basis, New York turns out cheaper, but also has larger mansions, family houses, and apartments. In that regard, you will actually have to pay higher for a property in a hot neighborhood in Manhattan than in London, but you will get more for your money.

Leslie J Garfield, a specialty broker in luxury townhouses based in New Work, is behind the report together with London broker Beauchamp Estates, factored in property size, type and condition in eight prime neighborhoods in both cities.

While New York, Manhattan and London are almost tied in terms of population at 8.49 million and 8.6 million respectively, they differ greatly in land dimension with London (606 square miles) being double the size of New York City (305 square miles).

"It seemed an ideal point in time to illustrate the analogous values between the New York and London markets," says Jed Garfield, owner of Leslie J Garfield. "Oftentimes the two cities are written about containing similar markets and they do. We felt this report illustrated that in a fundamental way."

Perhaps unsurprisingly, Manhattan's most-expensive neighborhood turns out to be Greenwich Village at prices averaging at $2,262 per square foot.

The report also pointed out the influx of new luxury houses which, as a result could, cool the high-end market. Calling NYC townhouse people who maybe want to snap up their sale price before that happens!