The English capital has once again topped the rankings of luxury property markets according to Christie’s International (Real Estate) annual report into the luxury residential property market. Focusing on the effects of fluctuations in the international economy and global wealth flows on luxury property markets in 2013, the report uses key metrics including prices per square foot, average house price growth, growth in the number of luxury property sales and listings relative to population as well as exploring buying behaviours and demographics of those purchasing top-end real estate to rank ten high-performing superprime markets throughout the world.
London topped the Index with the highest record home sales price per cities investigated at $105.5 million, a figure significantly greater than the second highest found in Hong Kong at $83.8 million. The city was also home to the highest square foot prices - averaging $4,683 last year. Luxury property sales in the capital have also increased by 20% over the past year meaning the the number of luxury property sales recorded is the highest since the pre-crash peak in 2006. Significant and notable growth in high priced transactions was also recorded.
The city’s luxury housing market growth is due in part to London’s reputation as a stable and transparent market as well as its ability to be a truly cosmopolitan city offering one of the world’s great lifestyles. Although the percentage of local and domestic buyers still outnumbered international purchasers, it was the latter who fuelled much of the activity at the top end of the market. In particular, second home buyers accountred for 48% of buyers in London - attributed to a surge in high-net-worth individuals seeking to invest in trophy assets in stable and currency-favourable locations.
1st Asset is a luxury property agent working in superprime London, specialising in off-market sales and rentals in the superprime areas of Kensington, Chelsea, Knightsbridge, Belgravia and Mayfair. With superb market knowledge and an open and client-focussed approach to buying, selling, renting or letting, we can help you navigate the luxury London property market and give you the edge thus increasing your chances of success in this fiercely competitive market. For further information, please contact our team on 02070143800 or by emailing email@example.com.
Source: Christie’s International Real Estate, Luxury Defined: An Insight into the Luxury Residential Property Market. (2014). 1st ed. [ebook] Available at: http://www.christiesrealestate.com/eng [Accessed 19 May. 2014].