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London moves ahead of New York in prime property market

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).

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Luxury estate agents Knight Frank who gathered the data believe that London and New York are in constant competition for the title of the world’s most exclusive property market and that London was currently ahead of its rival, with more overseas investors coming to the UK property scene. Head of research, Liam Baily said that both cities continue to lead the trends in development, architecture, design and price structure, but believes London’s current dominance will continue for another ten years.

London has also been more active with new residential developments in the luxury market than its rivals, and the number of completions surpassed those of New York and Hong Kong in 2014. While London has a lower skyline that the typically skyscraper dominated landscape of New York and Hong Kong that could soon change. London currently has 263 residential buildings of 20 floors or over in approved planning status or under construction.

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