Joe - A | atm07
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3 years ago

Do You Think London Is Expensive? No...!

May 1st 2011 at 4:26 PM

As someone who was born and grew up in central London, and, in fact, am pleased to say a real Londoner without the cockney accent which I have lost over the years on my worldly travels. And as you would expect have a reasonable amount of knowledge of London life, culture in general, along with the extortionate cost of living in the Capital.

In a nutshell, everything, and I mean everything, about London is expensive relative to other developed parts of the world, as many tourists and business visitors will know doubt vouch for.

Well, even I am surprised at the 'open market' sale value of a new development at one of the most prestigious addresses in Central London. Number one Hyde Park. Why? Because the value of these particular [very ugly and basic looking] apartments bear no semblance to present economic trends, nor indeed to anything else that one came realistically measure.  45 of the said apartments have sold out at a total of just below one billion pounds. Or approximately $1.6 billion!

What am I talking about?

One of the Penthouse apartments in the above development has recently been sold [admitidly it has three floors and an overall floor space of 25,000 square feet], for the princely sum of £140,000,000. Yes, that's one hundred and forty millon pounds, or put another way, $224,000,000 for just one appartment overlooking Hyde Park. To my knowledge, no other price per square foot in world real estate markets, has come anywhere near this figure.

This price apparently, does not include the £6.000.000 to fit the property out internally.

About 95% of these properties have been sold to overseas investors, due apparently to the unsettled nature of the Middle East and Arab countries as a whole.

Who said London wasn't expensive? Or maybe just a tax free safe haven for those with more spare spondoolies then the Bank of England can count.

This is by far the most expensive peace of residential real estate in the world today.

So my friends, if you don't have the spare change to invest in the above property:

"don't worry - b 'appy" ... and cross London off your vacation/holiday list.


Please to comment
May 15th 2011 at 11:01 AM by drkelp
Yep they can come to Newcastle instead, where things are much cheaper.

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