New York and London, two of the top luxury destinations for travellers from around the world, are the most expensive, too. It follows that the property prices in both major locations are the priciest in the world as well. These are the dream locations for most and the paradise for the lucky few.
It's time a comparison is made and that is what Beauchamp Estates and Leslie J. Garfield did. Mansion Global shares a report in comparison of the property prices in both locations.
Beauchamp Estates, a luxury real-estate firm with a location in London, partnered with the New York-based Leslie J. Garfield, a real estate brokerage that specializes in townhouses and small buildings, for the analysis of the property prices.
They scrutinized the homes prices in 16 prime neighborhoods split evenlty between London and Manhattan. The hightlights they arrived at the following:
"With the exception of Manhattan's Greenwich Village, all of the prime London neighborhoods were more expensive on a price-per-square-foot basis than those in New York.
The average price per square foot was more than £2,000 (at $3,015 at current rates) for houses in Knightsbridge, Belgravia and South Kensington in 2014 and 2015.
In contrast, townhouses in six of the eight New York neighborhoods cost less than £1,000 (about $1,507) per square foot on average, suggesting these neighborhoods could be a better value when compared with London.
Greenwich Village has become the most-expensive neighborhood in Manhattan, with property prices averaging more than £1,500 (about $2,262) per square foot."
The report indicates, Mansion Global adds, that the demand in the high-end home market in the Big Apple has the potential to slow down due to an ever growing supply of homes in the market. It suggests that the buyers market may be slowly emerging.
Given a choice, would you rather settle in London or in New York?