Property experts claim that prime residential property prices in London have increased by 138% over the past 10 years. This is well ahead of rival global cities, including New York.
The global development report, recently published by a major international property company, claims that London has now cemented its place as the top city for the global elite, although its position is threatened by New York.
Both cities now lead the world in terms of development trends, particularly around design, pricing and architecture and the report hints that London’s heritage - and the focus on that heritage in new development schemes - is one of the reasons why the capital is so attractive to overseas buyers.
The report warns that New York could be set to take the UK’s mantle by 2024, but that prediction could be about to change. The report was published just weeks before the US election and therefore fails to take into account reactions to the presidency of Donald Trump. His comments about the global elite have ruffled quite a few feathers, so it may be that a New York under Donald Trump turns out to be less of a rival to London than anticipated.
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The report said London had cemented its position in recent years as the leading city for the global elite, but warned that New York could be set to take that mantle by 2024.