Prime Central London Property is for Super-Wealthy

Residential real estate investment trends suggest that the property in prime central London is being built and priced keeping in mind mainly the rich and affluent buyers, both domestic and foreign.
By: Instyle Apartments London
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Hyde Park - London, Greater - England

Oct. 15, 2012 - PRLog -- Property in prime central London is growing in correspondence to the demand for it. More and more foreign investors are buying prime property to the extent that one in every three prime London residential properties was sold last year to a foreign investor. This also caused a rapid rise in property rates by almost 29 per cent since 2009. In fact, One Hyde Park — the Knightsbridge development realized exceptional incomes, including the sale of lavish penthouses, some of which were sold to affluent foreign buyers.

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-builders areas for the new homes include Chelsea, Fulham, the South Bank and the City. Showing a striking value in comparison with the forthcoming plans, average value of barely 500 homes built this year is above £1,100 per sq ft.

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.
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Tags:Rent Apartment London, Rent Property In London, Flats To Rent In London
Industry:Real Estate
Location:Hyde Park - London, Greater - England
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