London wins 'super prime' property hot spot: survey

[LONDON] London beat Hong Kong and New York to become the most popular city to buy ultra-luxurious residential property last year despite Brexit and Covid, a study showed Monday.

The combined value of super-prime properties sold in the British capital climbed in 2020 to US$3.7 billion, according to data gathered by estate agency Knight Frank.

Hong Kong lost the top spot to London after sales slid to US$3.2 billion for luxury real estate, defined as property worth US$10 million or more.

Los Angeles sales meanwhile jumped to US$2.6 billion, earning it third place.

New York took fourth place with total sales of US$2.2 billion.

"London's super-prime residential market shrugged off Brexit and even looked through the pandemic - confirming the UK capital as the world's leading wealth destination," said Liam Bailey, global head of research at Knight Frank.

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"After five years of price falls, the capital is set for a reset and the latest numbers from Knight Frank's super-prime data confirm that London is on top of the world."

AFP