London real estate still holds gold 4 years on
02 August 2012
A review of record prices achieved for residential real estate in the top 10 ‘world class’ cities reveals that London still holds gold four years after the record of £8,500 per square foot was set in 2008, making the city’s Kensington Palace Gardens the most expensive address, according to, Savills.
The league table shows the top three ‘world class’ cities closely grouped with records set at over £8,000 per square foot, with Hong Kong and New York just behind London with £8,400 and £8,300 respectively.
A property that transacted in 2008 in London’s Kensington Palace Gardens tops the list at £8,500psft, followed by a Hong Kong transaction in Deep Water Bay Road, Southside at £8,400psft, sold in 2011.
“What sets these addresses apart is the rarity factor,” says Yolande Barnes, director of Savills global research. “Both are highly exclusive, well established residential streets, with extremely limited supply such that the 2008 sale was the last recorded sale in Kensington Palace Gardens.
“Seven out of ten of the record transactions were undertaken within the last two years and six out of the ten properties were new build. The fact that these prices have been achieved during the global residential market’s most turbulent times illustrates the autonomy with which the billionaire market operates, fuelling the very top of the market.”
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