Luxury London property now double the cost of New York luxury property

Luxury homes in New York are now half the price of equivalent properties in London, according to new statistics, illustrating just how dramatic the rise in the cost of London luxury property has been. However, this may soon change, due to a 7% increase in London based high-net worth investors looking to buy prime residential property in New York. A property on the Upper East Side in Manhattan costs £1196 per sq ft as opposed to £2194 per sq ft in Knightsbridge.

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Luxury homes in London are typically twice the price of their equivalent in Manhattan – encouraging UK’s millionaires to go flat hunting in New York, according to new research.

The cost of a large family home in Knightsbridge averages £2,194 per sq ft compared to £1,196 per sq ft on the Upper East Side in Manhattan, according to a new Transatlantic Wealth Report by the London-based Beauchamp Estates, the New York-based Leslie J Garfield, and with statistical analysis by Dataloft.

This might just encourage millionaires to look for cheaper properties as the research reveals there has been a 7 per cent rise in London based high-net worth investors seeking to buy prime residential property in New York.

(Lawrie Cornish)

There are now 140 billionaires and 191,000 millionaires living in London, which is more than the 103 billionaires and 389,100 millionaires living in New York.

Over 120,000 British expats live in New York City, compared to more than 758,000 British expats living in the US.

According to the report, London-based purchasers spend £3.29 million to £3.95 million on an apartment in Manhattan. New York-based buyers, however, typically spend between £4 million and £4.1 million on an apartment or family home in London.

When it comes to luxury lifestyles the report found strong parallels between prime neighbourhoods in London and New York. Although wealthy New Yorkers have more choice when it comes to Michelin restaurants – 76 compared to 65 in London. UK’s capital has 173 museums and 857 galleries compared to 131 and 721 respectively in New York.

London has a higher population than Manhattan worth 8.6 million residents compared to 8.49 million. However the city equally has a lower population density with 131 resident per hectars in comparison with 188 in Manhattan.