London has officially overtaken New York as the world's most expensive residential market, a top global property agency says.
"Our research suggests prices achieved in the prime areas of central London are the highest in the world when measured by price per square foot [sq ft]," said CBRE Hamptons International,
part of CB Richard Ellis, a large property services firm.
CBRE said prime residential property in London on average cost about £1200 ($3590) per sq ft compared with £1000 per sq ft in New York.
The pricing differential largely reflected the continued buoyancy in the London market, which was in sharp contrast to the slowing US market. Tokyo was the third most expensive residential market at £900 per sq ft.
CBRE said London's West End also beat Manhattan at the very top - or super-prime - end of the market.
It cited apartments at The Plaza and a triplex penthouse in the Pierre Hotel in New York on the market for between £2700 and £2800 per sq ft, while an apartment in London's Belgravia had set a record for a new development above £2800 per sq ft and a second-hand property in Chelsea had sold for more than £3000 per sq ft.
- REUTERS
