Monday, September 04, 2006
[RealEdge] TodayOnline : London luxury homes costliest, S'pore in top five: CB Richard Ellis survey
 This story was printed from TODAYonline | |
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| London luxury homes costliest S'pore in top five: CB Richard Ellis survey Monday September 4, 2006 LONDON has overtaken New York City as the city where luxury homes are the most expensive, a study by CB Richard Ellis Hamptons International (CBRE) showed. Singapore is fifth. In London, prices in prime defined as costing more than £1 million ($2.9 million) residential neighbourhoods such as Chelsea and Notting Hill averaged US$2,282 ($3,587) a square foot in the second quarter. Equivalent space for Manhattan homes on Fifth Avenue, Park Avenue and Madison Avenue near Central Park cost about US$1,900 a square foot. Tokyo was ranked after New York, with homes costing £900 a square foot, followed by Hong Kong at £700 and Singapore at £600, CBRE said in its semi-annual review of the global housing market. London's top position stems from the rise in the pound. At the end of August 2003, the pound traded at about US$1.58, whereas it is now at about US$1.90. Prime New York residential real estate sold at a record US$1,842 a square foot on average in the second quarter, when the pound averaged about US$1.85, according to residential appraiser Miller Samuel Inc. In Manhattan, home to the most expensive United States real estate, prices have stayed near record levels even as the number of sales dropped 15 per cent in the second quarter, to a five-year low. The average price of a luxury Manhattan apartment, calculated from the top 10 per cent of all transactions, was US$5 million in the second quarter, down 3 per cent from a year earlier when prices hit a record US$5.2 million, according to Miller Samuel. By contrast, prices for central London homes that sold for at least £1.5 million climbed 21 per cent in the 12 months ended Aug 31, according to a monthly index calculated by broker Knight Frank. The prime residential market acts as a leading indicator for the broader housing market because expensive homes are the most sensitive to a drop or a pickup in prices. Bloomberg | |
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// posted by Shajahan @ 2:06 PM 