Millionaire homes are twice as expensive in London compared to New York
Luxury homes in central London are twice as expensive as in Manhattan, a new report has found.
A research by Beauchamp Estates analysed eight prime neighbourhoods in London and New York using standardised data and analysis.
The report found that over the last 12 months there has been a 7% rise in London based high-net-worth investors seeking to buy prime residential property in New York.
Over the last 12 months London-based purchasers have typically been looking to spend between £3.29m ($5m) to £3.95m ($6m) on an apartment in Manhattan, preferably in a luxury new built development.
New York based buyers looking for a home in London typically spend £4m ($6m) to £4.1m ($6.23m) on an apartment or family home in London.
Gary Hersham and Penelope Court, partners at Beauchamp Estates said: “We commissioned this report […] because we have observed many shared features in both property markets, which have never before been compared and contrasted in this way. The property markets in London and Manhattan are both characterised by global demand and constrained supply, both have economies based on finance, tourism and commerce, and both rival each other for the role of premier World City and the globe’s most valuable and sought after luxury property destination.”
Take a look at these 14 key stats:
1. Millionaire homes are twice as expensive in London compared to New York, new wealth report reveals
2. There are now 140 billionaires and 191,000 millionaires living in London
3. There are now 103 billionaires and 389,100 millionaires living in New York
4. Value of luxury homes in London’s leading addresses twice as high as those in Manhattan on £/$ per sqft basis
5. Over last 12 months there has been a 7% rise in London based high-net-worth investors seeking to buy prime residential property in New York
6. Both cities have similar populations – 8.6 million in London, 8.49m in Manhattan)
7. Similar high population densities – 131 residents per hectare in London, 188 per hectare in Manhattan
8. Both cities have an impressive luxury lifestyle offering with:
76 Michelin starred restaurants in Manhattan, 65 in London
173 museums in London, 131 New York
857 art galleries in London, 721 New York
9. In terms of £/$ per sqft values in the luxury resi market in London are typically twice the equivalent market in Manhattan
10. The cost of a large family home in Knightsbridge averages £2,194 per sqft ($3,615 per sqft) compared to £1,196 per sqft ($1,832 per sqft) on the Upper East Side (South) in Manhattan
11. A family home in Belgravia averages £2,031 per sqft ($3,109 per sqft) compared to £826 per sqft ($1,265 per sqft) on the Upper West Side
12. The cost of a residential property in the City of London averages £1,263 per sqft ($1,934 per sqft), the equivalent in Midtown (Manhattan’s financial district) is just £735 per sqft ($1,125 per sqft)
13. The cost of a family home in St John’s Wood is £1,535 per sqft ($2,350 per sqft), compared to just £659 per sqft ($1,010 per sqft) in Gramercy, its equivalent neighbourhood in Manhattan
14. In South Kensington the cost of a family home is £2,027 per sqft ($3,104 per sqft), compared to £875 per sqft ($1,340 per sqft) in Central Village in Manhattan