Super Wealthy Pick London as Top Spot for Luxury Homes, FT Says

The super wealthy have snapped up more luxury homes in London than any other city in the world last year, the Financial Times reported.

Buyers from around the world spent almost $4 billion on super-prime properties in London -- those with a price tag of $10 million or more, the FT reported, citing new figures from estate agent Knight Frank. The demand was driven partly by weaker sterling and the end of the Brexit saga.

Russian, French and Chinese buyers were among the most active buyers. The amount spent helped London leapfrog Hong Kong and New York into top place in the super-prime home market, the report said.

In all, 201 super-prime properties were sold with an average price of $18.6 million. For 31 of those, buyers paid $25 million or more, the newspaper said. One of the biggest sales of the year, reported by the FT last month, was the purchase of a 42 million-pound ($58 million) Belgravia mansion by British industrialist Sanjeev Gupta.

©2021 Bloomberg L.P.

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