London is the world’s most affluent property buyers’ third most popular destination according to recent analysis from Knight Frank.
Knight Frank looked at the number of residential transactions worth $25m or more in the six main world ultra-prime markets. Hong Kong had the most sales with 47 such homes sold, followed by New York with 39 and London 38 – after hitting top spot in 2015. London was followed by Singapore, Los Angeles and Sydney.
There were 153 transactions over $25m in these markets with buyers spending $5.1bn in the year to August 2018.
Knight Frank comment: “London’s reputation as one of the world’s leading ultra-prime markets is supported by its global appeal, the dominance of its business and financial services cluster and its convenient geographical location. This prominence was reflected in the Knight Frank City Wealth Index, as published in The Wealth Report 2018.
“In 2015, transaction volumes above $25 million were almost double the number seen in any other location. This position has changed in recent years as higher stamp duty charges and concerns over Brexit have reduced the number of sales in London, while other markets have seen their sales increase.”
Although some may regard these figures as a decline in London’s fortunes the city still has a claim to be the world’s main ultra-prime market. Knight Frank point out that London’s average annual transactions over the most recent full three year period, at 48, is higher than New York and Hong Kong with 40 and 38 respectively.