Homes in London's exclusive hotspots are typically £1,000 per square foot more expensive than those in the equivalent areas of the Big Apple - largely due to the capital's super-prime developments contributing to significant price hikes over the past year.
At £2,194 a square foot, a large family home in Knightsbridge is almost twice as expensive as homes on the Upper East Side (South) in Manhattan, while a family home in Belgravia averages £2,031 a square foot, compared to £826 on the Upper West Side. A large family home in Knightsbridge is almost twice as expensive as homes on the Upper East Side...
While these prime property prices differ considerably, the lifestyles on offer in London and New York - and the population size of the two cities - are strikingly similar. The number of Michelin-star restaurants, museums and galleries is on a par, while there are 8.6 million Londoners and 8.5 million New Yorkers. London has 140 billionaires and New York has 103. However, there are almost twice as many millionaires in the Big Apple, at 389,000, as there are in London, according to the new wealth report. And this gap could widen further. There has been a seven per cent rise in the number of London-based millionaires seeking good-value top-notch homes and property investments in New York, and a surge of up to 10 per cent in London-based buyers seeking luxury homes in Miami and Los Angeles.
This article first appeared in The Evening Standard