London has surged past New York (and the rest of the world) to take first place in a report by estate agency Knight Frank into property prices and sales around the world.
The research calculates the number of properties sold for more than $5 million in 2014, in eight cities around the world. By comparing this with Knight Frank’s 2009 report, we can see changes in the prime property market over the five-year period.
Last year, more than 1,600 properties in London sold for $5 million or more – over triple the figure posted in 2009. Following London is Manhattan, with nearly 800 such properties sold last year. Hong Kong completes the top three, with 596 properties, an increase of over 200 from half a decade ago.
Prime property prices in London have risen faster than in any other major city over the past decade. A typical Mayfair or Holland Park apartment rose in price by 138% between 2004 and 2014.
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Author: Joe Myers is a Digital Content Producer at Formative Content.
Image: A bus and taxi pass Big Ben on Westminster Bridge in London March 10, 2012. REUTERS/Kieran Doherty
