London was ranked as the world’s number one city in 2022 for buying ultra-luxury homes — specifically, those that cost more than $10 million. This information comes from a research study conducted by Knight Frank, a well-known consulting and real estate firm.
In 2022, 201 ultra-luxury properties (worth over $10 million) were bought in London, which was a 3% increase compared to the previous year.
At the same time, Hong Kong and New York — which used to be more popular than London for these types of high-end property purchases — saw a big drop. In Hong Kong, purchases fell by 27%, and in New York, they dropped by 48%.
So, while London saw growth, the other two leading cities declined, helping London move ahead and become the top city for luxury real estate deals in 2022.
The total value of all purchases of ultra-luxury homes (those costing over $10 million) in London reached $3.7 billion in 2022.
Even more impressively, London ranked number one (for the first time in five years) in sales of the most expensive properties—those priced above $25 million.
London not only had a high total in luxury home sales, but it also led the world in the sale of the most exclusive and expensive real estate, something it hadn’t done for the past five years.
Out of all the luxury homes sold in London that were priced over $10 million, about one-third were bought by people living in the UK. This is a 12% increase compared to before.
More local UK residents are now investing in ultra-luxury homes, showing a growing interest in high-end real estate within the country itself.
Many Europeans have also bought luxury properties in London thanks to the proximity to London which has allowed relatively easy access despite the health crisis.
London has become more attractive to buyers because property prices have dropped in recent years. Additionally, the British pound is weaker compared to the US dollar and the euro, which means foreign buyers can get more value for their money when purchasing real estate in London.
The image of the London skyline, featuring the beautifully lit Tower Bridge and the towering buildings of Canary Wharf at dusk, perfectly captures the grandeur of the British capital. Despite the challenges posed by Brexit and the global pandemic, London’s market for ultra-luxury residences has remained remarkably strong. This resilience highlights the city’s enduring appeal to wealthy individuals from around the world. As Liam Bailey, head of research at Knight Frank, points out, this strength confirms that London continues to be the top destination for high-net-worth buyers seeking exclusive real estate opportunities. The city’s ability to attract and retain global interest in its prime property market reflects not only its economic importance but also its cultural prestige and lifestyle appeal.
One of the signature deals of 2020 was the purchase of a £42 million residence in upmarket Belgravia in central London by Indo-British steel tycoon Sanjeev Gupta, according to the Financial Times.
It should be noted that the American market for luxury residences has been slowed down,
As is often the case during the years of the presidential election.Due to a long paralysis Covid-19. But if New York has paid the price. The seaside cities, such as Miami and Los Angeles, have recorded a jump in transactions.
The Knight Frank study also shows that transactions on the 12 main markets in the world fell slightly (by 1%) over one year, a very small drop given all the health restrictions.
A phenomenon that is justified by strong demand from buyers in their country of origin. Who has reassessed their needs during the pandemic
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