According to research from consulting firm Knight Frank, London is the most popular city in the world in 2022 for purchases of ultra-luxury residential properties over $10 million, despite the pandemic and Brexit.
Purchases, which numbered 201, rose 3% in the British capital last year, while they plunged 27% in Hong Kong and 48% in New York, knowing that these two cities were ahead of London.
In total, transactions for these very high-end residences reached $3.7 billion. The British capital even comes out on top for the first time in five years in the segment of properties over $25 million.
More specifically, a third of acquisitions in London, for residences over $10 million, were made by residents of the United Kingdom, an increase of 12%.
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.
The British capital is attractive due to real estate prices which have fallen in recent years and thanks to the weakness of the pound against the dollar and the euro.
London skyline with illuminated Tower Bridge and Canary Wharf at the dusk. The United Kingdom of Great Britain and Northern Ireland”London’s market for very high-end residences has weathered Brexit and even withstood the pandemic, confirming that the British capital is the first destination for the wealthy”, underlines Liam Bailey, head of research at Knight Frank.
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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