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London third largest for global super-prime property availability

by LLP Editor
7th Oct 21 8:25 am

Research by central London estate agency, Bective, has revealed that London is currently home to the third largest available level of super-prime property market stock, with just Hong Kong and New York placing above the capital.

There are an estimated 63 billionaires currently living in London accounting for 2.3% of the world’s total. When analysing this number in relation to the city’s total population, Bective’s research shows that London ranks third for the highest number of billionaires per 100,000 of the local population (0.70).

Just San Francisco (1.45) and Hong Kong (1.07) currently boast more billionaires per 100,000 of the local population. A clear sign that London remains one of the locations of choice for the world’s wealthiest.

Bective’s research also found that London sits within the top three in terms of the availability of super-prime property stock for existing, or future, billionaire homebuyers.

Bective analysed 10 global cities based on the level of homes currently for sale at the £10m mark or above.

The research shows that globally, there are 1,890 homes listed for sale at the very top end of the market across these 10 global destinations.

317 of these are located in London, meaning the city currently accounts for 16.8% of this global, super-prime property stock.

Just Hong Kong (904) and New York (537) are home to more £10m+ properties listed for sale, accounting for 47.8% and 28.4% of the global market respectively.

In contrast, super-prime homebuyers face the toughest task in Moscow and Mumbai, with each nation accounting for just 0.1% of all super-prime properties on the market.

Bective Sales Director, Craig Tonkin, commented: “It’s fair to say that the pandemic has proved more problematic for London’s super-prime market than it has for the rest of the UK market and ongoing travel restrictions have stifled demand at this very top tier since the start of last year.

However, we’re now seeing signs that this is on the turn and the prime London market, as a whole, is well poised to make a swift recovery. Not only does it boast the quality of properties that appeal to the super-wealthy homebuyer, but it also has the available stock to sustain this appetite for high-end homeownership.

As a result, London continues to rank as one of the dominant forces within the global, super-prime property market and the city remains an area of high interest for the world’s wealthiest homebuyers.”

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