Most of us would really like a place of his own. And the best way to do so is venture into the real estate market. However, we are sometimes hindered by the tag that comes along with the property. As a solution we compare one property to the other and choose the best one that fits both our needs and our budget.
On the other hand, there are some markets that are really out of reach no matter how many times we compare it with the others. Take for example London which is twice as expensive as New York's real estate market. "The high-end market in London is twice as expensive as in New York" said businessinsider.
As a result of the said market price, most investors are looking for some other alternatives, and New York is one of them. "There's been about a 7 percent increase in London luxury buyers looking to buy in New York City," added businessinsider. However price difference may not be felt by some buyers concerning particular property, especially of those wanting to build large mansion as what is being observed mostly in London. It is said as such, for when some experts tried to compare properties on both places based on size and property, they found that the overall average price in New York is more expensive compared to ones London. According to businessinsider;
"Of course, there's a caveat. New York is cheaper on a price-per-square-foot basis, but we tend to have larger mansions, family houses and bigger apartments than London (hard to believe, but yes). So the overall average price for a family home in the hottest neighborhoods in Manhattan is actually higher than in London."
But despite the admonition, some buyers are still opting to choose New York over London for "New York is cheaper on a price-per-square-foot basis."
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