London still holds record for price paid per square foot for house in Kensington
03-08-2012
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A record of £8,500 per square foot for a property in the city’s Kensington Palace Gardens which was set in 2008 is still the most expensive piece of real estate, according to international real estate adviser, Savills.
It has created a league table that shows the top three world class cities are closely grouped with records set at over £8,000 per square foot. London is top with the £8,500 per square foot property with Hong Kong and New York just behind London with £8,400 and £8,300 respectively for a house in Hong Kong’s Deep Water Bay Road and an apartment at 15 Central Park West in New York.
The next top price was £5,100 per square foot for a modern apartment in Tokyo’s Roppongi Hills set in 2007 and £3,900 paid for a refurbished apartment in the Quai Antole France in Paris in 2009.
Next on the list is £3,400 per square foot paid in 2001 for a new apartment in The Marq in Singapore, £2,400 paid for a new apartment in Crystal House in Moscow in 2011, £1,800 paid for a new apartment in Shanghai’s Tomson Riviera in 2010, £1,700 for a house in Wolseley Road, Point Piper in Sydney in 2011 and £1,400 per square foot for a modern apartment in Tahnee Heights, Mumbai this year.
‘What sets these top two addresses apart is the rarity factor. Both are highly exclusive, well established residential streets, with extremely limited supply,’ said Yolande Barnes, director of Savills global research.
‘Prime central London’s house prices have risen by almost 30% since 2008, and there is no doubt that London would retain its number one slot in 2012 were a house in Kensington Palace Gardens to come to the market this year,’ she explained.
‘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,’ she added.
