London is the real estate hot spot for high net worth individuals today even though it is the world's most expensive place to buy property for residential purpose. Price of properties is as high as over two thousand pounds or over four thousand dollars a square foot! The hike in prices can be attributed to the purchasing capacity of high net worth individuals as clearly indicated by the steep rise in central London properties. Property industry is flourishing, with landmark buildings being sold at premium rates. One such building is the HSBC head office at Canary Wharf which fetched the highest ever price in Britain.
London being the global financial capital, the demand for office spaces is on the rise and attracting buyers from all over the world. Such properties have been fetching high returns for their commercial worth. The rental yields of such property are extremely high. With commercial property prices escalating, residential prices too are on the rise, making the luxury property prices go through the roof. Flats in London cost as high as over four thousand pounds per square foot. The really high prices of luxury apartments in Knightsbridge have turned London's penthouses into the most expensive residential properties. Another prize address is the Hyde Park area where costs of smart homes have shot up by about fifty percent.
Some of the prize residential places would be featuring bullet proof windows, purified air and even "panic rooms" to take care of security. A squash court and spa would be added attractions in the much luxurious and prestige residences now being made available in central London. The London hot spot real estates for high net worth individuals are a class of their own.
Clients are making a grab for these very prestigious places in the heart of London city, without even viewing the showcased property. Such places are being identified by Russian oligarchs and Arab princes and the prices are booming. The rise in interest rates along with the rise in prices have not deterred the high net worth individuals who seem even more determined to buy such prize property knowing its value in tomorrow's world.
Considering the rise in prices, it is predicted that home prices in the capital will escalate still further as the demand is outstripping the supply. The only thing about this excessively high range of prices is cordoning off areas as being areas of the 'rich' and the high net worth individuals and the other more affordable houses as the 'poor'. People love the mix of the affordable and the very rich lifestyle.
All said and done, London has become the most prized and expensive place in the world to buy luxury property at the new price record of four thousand pounds a square foot. It is attracting buyers from Russia, India and Asia because of the attractive tax structure which enables them to reside in another country without paying taxes on the money kept there. Bonuses earned by those working in the financial service industry are ploughed in to buy larger and more luxurious homes.
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