London is officially the most expensive city in the world for luxury new-build property, according to CBRE.
The cost of a new home in central London has risen 16% in the past year, reaching ยฃ2,000 per square foot.
London has beaten Hong Kong and New York, where new homes costย ยฃ1,950ย andย ยฃ1,800 per square footย respectively.
London house prices have increased by 231% in the last 30 years and CBRE expects central London property prices to go up by 30% in the next five years.
Jennet Siebritis, head of residential research at CBRE, said London property prices are on the up because of a supply and demand imbalance.ย
โPeople under-estimate the supply-demand imbalance,โ Siebritis said.ย
โFor an increase of one million people onlyย 200,000ย homes have been built. Thatโs a house for one in five people.ย
โThe pressure on price is so acute.โ
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