Everest industry news
Prime London properties remain world's costliest
22 April 2008
Prime property in London remains more expensive per square foot than any other city in the world, the latest global Knight Frank research shows.Though centres in emerging regions such as China, plus central and eastern Europe, enjoyed the strongest growth last year, the English capital continued to outperform its nearest rivals.
Prices for luxury apartments in the historic city rose 29 per cent over the course of 2007, the data reveals, weighing in at £3,025 per square foot.
Monaco and St Jean Cap Ferrat rounded off the top three, with average prices of £2,877 and £2,860 per square foot respectively.
Internationally, the typical prime property rose in value by 11 per cent over 12 months, Knight Frank's figures also show.
"Overall in 2007, capital growth in prime residential properties has been strongest in the main global financial centres and those with benign tax jurisdictions," commented Liam Bailey, head of residential research at the international estate agency.
"Five of the top ten locations fell into the this category with London outperforming all other centres with 29 per cent growth and prices averaging £3,025 per square metre," he added.
The capital also saw a 37 per cent boom in the number of properties valued over £10 million last year.
Living in the heart of a busy city necessitates good sound-proofing and most of these luxury dwellings no doubt feature the latest double glazing technology.
