With almost 3,500 – 4,000 ultra-modish homes likely to be constructed over the next four years, London’s high-end residential real estate market is expected to soar high in 2016. Statistics and reports also show that high luxury class real estate developers are aiming at building over 15,000 new residential apartments worth nearly £40 billion in total, during the subsequent decade. Some of the more favourable-to-
The luxury market segment is flourishing everyday with saleable properties including as lavish as three double bedrooms apartment spanning across 4,567 sq ft with a private courtyard for nearly £20m. Grosvenor Crescent is one such lavish boutique development of 15 lateral apartments within a Grade II listed land in Belgravia. On the other hand, there are also properties like Walpole Mayfair which is a conversion of two period houses into five apartments available for buyers who are interested in buying a residential property either for living or investment purposes.
Nonetheless, this upsurge may fall short of helping average buyers in London where approximately around 37,000 new homes need to be built year on year to meet the increasing demand of the common buyer segment. Developers would also need to be careful of building too many homes just for foreign investors, especially if they are outside the typically existing prime areas. It is important that developers do not get tempted to increase property prices in areas which are not quite up to the mark, or in other words, the property should be valued at prices which are suitable to the property and the location of it. Increasing unnecessary prices would only result in unrealistic price tags and will certainly not attract too many buyers.