London’s property market has had a good time of things over the past five years and the city now ranks higher than New York in the prime property league.
Both the number of sales and the prices of luxury homes have risen in recent times to surpass every other major city in the world.
Figures from 2009 show that a total of 2,147 luxury property sales were completed with a price range of between $2 - $5 million. The data also shows that during the same year roughly the same sales were recorded in New York, while Hong Kong did slightly better. However since then there has been a dramatic turnaround and London has recorded incredible figures.
Last year in 2014, the number of properties sold in the $2- $5 million bracket had rocketed to 6,250. When contrasted with the sales of the other major cities in the same year London had achieved triple the number of luxury sales as Hong Kong and double those of New York. Prime property sales also outstripped those of Singapore and Sydney 3 times over.
London also overtook New York in the ultra-luxury market that records the sales of homes worth over $5 million. In 2014 1,639 ultra-luxury sales were recorded in London while just around half that number were sold in New York (796).