Prices for top-end luxury homes in London are rising, according to the 2008 wealth report from Citi Private Bank and Knight Frank.
The capital is now the most expensive city in the world to buy this quality of property, easily outpacing that of rivals such as Monoco. The report says the average price of a luxury pad in London rose 29% to Euro 46,000 (£36,500) per square metre in 2007, as compared with $43,750 sq m in Monoco.
The number of £10m-plus sales in Chelsea, Knightsbridge and Belgravia in the six months to January 2008 was 190% higher than in the same period a year earlier.
The report warns however that the good times might be coming to an end. One of its authors said there has been a slowdown coming and it expected to see prices begin to fall in the UK, US and elsewhere.
21/04/08 Financial Times 3
