Comparing property prices in some of the leading cities around the globe highlights London as the worlds most expensive city for top-end investment.
Research carried out by agent Hamptons International reveals that London prices now reach £4,000 a square foot matched up to New York at £2,075 a square foot. Hong Kong comes in at £1,900, Moscow at £1,800, Dubai £790 and Marrakech £290.
In the UK, Bristol’s upper-scale property costs £930 a square foot, Edinburgh £840, Brighton £590, Manchester £480 and Glasgow £340.
‘Interest in the central London prime sector is extremely high and largely led by foreign buyers who view the capital as a relatively safe place to invest compared to other global cities. The sector has experienced a slowdown in the light of the recent credit crunch.
‘However, it continues to generate strong investment as a result of the opportunities it provides to both UK and overseas investors, says Rob Bruce, research manager at Hamptons International.
Wealthy buyers frequently are attracted to new developments with high levels of specification, a secure living environment and underground car parking.
‘Prime property is mostly down to location,’ adds Mr Bruce. ‘Value erosion can be swift as you move away from the super prime area. It can drop £500 a square foot or more in a matter of a few hundred yards.’