Super-prime property in London is selling for higher prices than ever, as the sales figures for a new development in Knightsbridge illustrate
Sales figures for the apartments in the new development One Hyde Park have been released, and prove that the super-rich are continuing to pay ever-increasing prices for the right property in London. Half the units have sold already in the development which overlooks Hyde Park in Knightsbridge, and some of the best-placed with park views are fetching as much as £5,700 per square foot, Knight Frank has declared.
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Demand had initially paused as the credit crunch hit last autumn, but resumed around November, says the agent, and is now more intense than ever. However, demand for super-prime property in the capital is not confined to just this development, as head of residential research at Knight Frank Liam Bailey pointed out: ‘One Hyde Park is the most prominent example of activity at the top end of the market, but its performance is not an anomaly,’ he said. ‘The number of £10million sales in Chelsea, Knightsbridge and Belgravia rose 190% in the six months to January 2008 compared to the same period a year earlier.’
And this trend is expected to continue. Ian Marris, partner at London residential development for Knight Frank added: ‘Londons super prime market looks set to continue for at least the next 12 to 18 months. More specifically our findings reflect the fact that central Londons position as a world’-class property market looks set to continue, however we have seen some renaissance in the Geneva and Monaco markets which we attribute to a reaction to the government’s initial response to the taxing of non-doms.
‘On the basis that there is no adjustment to the current equilibrium we see London as the strongest residential market for 2008 and it will continue to be regarded as the home of choice to the international community.’