If you think New York’s luxury real estate is highly expensive, then you should think twice for London’s luxury real estate. The latter has an almost double price-per-square-foot luxury real estate than America’s land of opportunity.
Due to this and many other reasons, London has seen an increase of 7 percent in its luxury buyers from the city that are vying to buy properties in New York, according to Business Insider.
However, despite the cheaper price-per-square-foot, properties in New York are bigger than those in London. So, the pricing for a home may still be on the similar range due to this difference.
This is reported by New York-based Leslie J Garfield, a specialty broker in luxury townhouses, and London broker Beauchamp Estates. The report compared house prices in both cities by analyzing eight major neighborhoods of the two cities. The properties were then compared based on size, property type and condition.
“It seemed an ideal point in time to illustrate the analogous values between the New York and London markets. Oftentimes the two cities are written about containing similar markets and they do. We felt this report illustrated that in a fundamental way," says Jed Garfield, owner of Leslie J Garfield.
In the recent news, the demand for London’s expensive real estate properties have been slowing down. This might be due to rising square-foot prices, compared to other cities such as New York. Since foreign investors are seen as one of the markets to look forward to, a city’s competitor is the world. Of course, with the anticipated lifting of sanctions on Iran, London may still be seeing a lot of foreign investments from wealthy Iranians.
Do you think that the rising square-foot prices are affecting greatly the demand of luxury real estate in London? Is there anything that can be done?
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