London ranks first in the sale of luxury homes worldwide
The super-rich bought more homes in London than any other city in the world last year, according to new data from real estate agent Knight Frank, with weak pounds and buyers attracted by the end of the UK Brexit saga.
Buyers around the world have spent nearly $ 4 billion on so-called super-prime properties in the UK capital, which are classified as anything priced at $ 10 million or more.
According to Knight Frank, this is more than what was spent on super homes in any other city last year, as London surpassed Hong Kong and New York, according to Knight Frank.
Despite travel restrictions and the UK housing market being effectively blocked between March and May 2020, last year’s sales of $ 10 million in London rose in 2019, with buyers from Russia, France and China particularly active.
Income from abroad Many Londoners looked to neighborhoods and countryside in search of more space during their homework.
“Last year the story was that people were there moving from cities. But calm down, they were making big purchases, ”said Liam Bailey, Knight Frank’s global head of research.
In all, 201 super-prime homes were sold at an average price of $ 18.6 million. In 31 of those transactions, buyers paid $ 25 million or more.
It was one of the biggest sales of the year Purchase of the Belgravia Palace for 42 million euros Sanjeev Gupta, a British industry figure, was introduced by the Financial Times last month.
Buyers of $ 10 million in London and elsewhere are a narrow national set, driven by completely different factors that drive the main housing market motivated and limited.
Where they choose to buy signs about the relative attractiveness or security of the city’s tax regime, it’s as livable as it is a place to store wealth.
Despite the pandemic, last year’s $ 19 billion spent on super-prime properties in a dozen cities controlled by Knight Frank was less than 5 percent of the 2019 total.
London’s attractiveness has skyrocketed since the end of Brexit negotiations and average prices for the most expensive mail have fallen by about 20 per cent since the 2015 peak, Bailey said.
Another big factor in strong sales was that it was cheap against the dollar and the euro, he added.
New York’s super-prime sales fell 48 percent last year as wealthy shoppers looked to more sunny U.S. coastal cities such as Palm Beach, Los Angeles and Miami.
Bailey said Hong Kong trade, which had the highest sales of $ 10 billion in 2018 and 2019, fell 27 percent, driven by political uncertainty and severe coronavirus measures.
“There’s still a cachet in a London residence, even if it’s been there for a few months. If you’re very rich you’ll have a plane, a helicopter, a superyacht and your place in London,” said Nathalie Hirst, a London-based buying agent with 100 million customers who hunt for budget houses.
“I was like predicting disaster and gloom, Armageddon, but the real estate market has progressed,” he said.