Written on 1 December 2015 by Alistair Boscawen in Property News
The value of homes in in the prime central London is typically twice as high as equivalent properties in the Manhattan area of New York, according to new research.
The report by property firms in the UK and New York found that the cost per square foot of a large family home in Knightsbridge averages £2,194 compared with £1,196 for a comparable house on the Upper East Side (South) in Manhattan.
Similarly, a family home in Belgravia averages £2,031 per square foot compared with £826 per square foot on Manhattan’s Upper West Side.
However, homes in Manhattan tend to be larger than those in London leading to the average cost of family-sized properties being higher in New York City.
The cost of a large family home on Manhattan’s Upper East Side (South) averages £8.1m compared with £6.94m in Knightsbridge. Likewise, a family home in New York’s Central Village costs an average of £8.1m compared with £4.85m in the comparable neighbourhood of South Kensington.
There are some notable exceptions in these trends. In London, the average price of a family home in Belgravia at £5.9m and Mayfair at £12.3m is higher than the Upper West Side at £4.9m and Upper East Side North at £5.7m, the equivalent addresses in Manhattan.
The report found strong parallels between London and New York. Both cities have similar populations at 8.6 million in London, 8.49 million in Manhattan, high population densities at 131 residents per hectare in London and 188 in Manhattan and impressive luxury lifestyle offering. But at 606 square miles, London is double the size of New York City at 305 square miles.
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