New
Yorkers love to compare their insane real estate market to that of San
Francisco just for the sake of feeling better. But lately they are taking it to
a whole new level – New York versus London. There
is no better time to compare both markets and make comparisons between them
than now. In terms of population, London has 8.6 million people, while
Manhattan has 8.49 million people. In terms of the geographical size of the
cities, London occupies about 606 square miles, while New York occupies 305
square miles. That is to say that New York City is half the size of London, but
approximately same in population. So who is in the best position
to state in clear terms how things really compare? Someone that is familiar
with both cities.
A certain New York broker specializing in luxury
townhouses who is also a broker in London states that the high-end real estate
in London is twice as costly as in New
York. Additionally, he has made
some observations after analyzing eight prime neighborhoods in both London and
New York. He compared the prices, the condition of the properties, what type of
properties they are, and their sizes. Considering the price per foot square,
New York is cheaper, while on the other hand, luxury apartments tend to be larger
in New York than what could be found in London. Still comparing the overall
average price for luxury homes in Manhattan and London in their hottest
neighborhoods, prices in Manhattan are still cheaper than in London.
It is
welcome news for New York investors that the high price of London real estate
is driving people to invest here in New York. While we may have been concerned
that the expensive state of New York real estate was making it difficult for
interested buyers to invest here, along comes the new revelation that London’s
high-end market is even higher. Get ready for would-be London investors here in
Manhattan!
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