New CBRE analysis takes a deep dive into the capital's luxury living sector, and how it compares to other wealth hubs, reports Abode2.
Some new analysis has looked at the fortunes of London’s high-end property market over recent years, and how it currently stacks up against other European wealth hubs.
The research – published as part of CBRE’s wider survey of Europe’s luxury retail, hotel and living sectors – looked at pricing, transaction trends and the types of property available, concluding London to be “still by far the most mature and expensive high-end residential market”
London has significantly higher Pricing in the high‑end market compared with Paris & Amsterdam, and is more in line with global hubs including Monaco, New York & Hong Kong.
Analysis of average transaction values found the UK capital has significantly higher pricing in the high‑end market compared with Paris and Amsterdam.
Pricing per square metre in London is around €30,000, according to the research, a similar average level to global hubs including Monaco, New York City and Hong Kong.
Paris still falls behind London, showing a stable pricing picture at a level of €23,000 per sq m, which is more in line with the likes of Los Angeles, Palm Beach or Sydney.
It’s noted that the homes bought in Paris’ high-end market are generally slightly smaller than those in London or Amsterdam. The average size of a luxury property in Paris is 282 square metres, while the average size in London and Amsterdam is at a similar level at 321 square metres.
CBRE explains the main price difference between London and Paris is likely due to the large number of millionaire residents in the UK capital, given that it remains Europe’s financial centre and has the leading position in industries such as sports, media, and entertainment.
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