London residential property world's most expensive

09 May 2007
London now houses the world's most expensive residential property, a report from estate agent Knight Frank has revealed.

The value of top-priced property in the UK capital outpaced that of Monaco, New York or Hong Kong, its nearest competitors, at £2,300 per square foot.

The Big Apple's prime central property, by comparison, costs a mere £1,600 per square foot on average.

Although these property prices relate to the cost of homes bought by the super-rich, they highlight the wider affordability crisis for ordinary homeowners as average house prices rise inexorably.

'High net worth' individuals with over £5 million in assets each are ratcheting up property prices, the report showed.

Top European destinations Paris and Rome lagged far behind London in ninth and tenth places in the chart for the most expensive global city for residential property.

Meanwhile, UK regional hubs Dublin, Birmingham and Edinburgh featured in 17th, 19th and 21st place among global cities for the highest property prices per square foot.

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