London-based real estate agents Knight Frank recently compiled a report that studies prices in the city’s prime residential sector with a focus on One Hyde Park, the most expensive development in London.
The most interesting (read: jaw dropping) finding of the report? Prime real estate prices will touch the £10,000 per square foot mark by no later than 2016.
No, your eyes aren’t playing tricks on you. £10,000! That’s $16,202 Canadian dollars.
When the ritzy residence was constructed in 2006, the price per square foot was £4,560 and it’s currently sitting at £7,500. The high prices are justified by One Hyde Park’s connections with high-end brands that add value to the apartments within the building. The luxury hotel group, Mandarin Oriental is a big one.
The pricy London market has attracted loads of extremely wealthy individuals from around the world looking to invest. The city leads the pack in terms of attractive investment opportunities in real estate, consistently topping New York City, Hong Kong and Monaco as go-to places for high net worth folks.