New York City’s Luxury Housing Is Now More Expensive Than London’s
A post-pandemic surge of super-prime real estate deals has left the UK capital playing catch-up, according to a new report from Knight Frank.
Campden Hill Court, a luxury residential building in London.
Photographer: Jason Alden/BloombergNew York has surged past London as a pricier location to purchase prime residential real estate, according to new data from Knight Frank’s annual wealth report. In 2022, $1 million bought 33 square meters (355 square feet) of prime property in New York and 34 in the the UK’s capital city—a change from 2021, when London was the more expensive location.
“The strong dollar had an influence and boosted New York’s position, but prime prices in New York were up 2.7% last year and 1.5% in London, so we’re seeing slightly slower growth in London,” says Kate Everett-Allen, global head of residential research at Knight Frank, who adds that properties in both markets are attractive to ultrahigh net worth buyers as an inflation hedge.