With massive wealth creation happening around the developed world Luxury properties are starting to get a huge demand. But where do you even start to look for this sort of property? A recent report from Knight Frank reckons London is your best bet.
In a ten year period London has seen a 138% in prime prices. In 2009 properties worth over $5 million only numbered 523. Since then the number has tripled to 1,638.
“The range of current development activity in central London is extraordinary.” Liam Bailey, Global Head of Research says. “In several areas surrounding the city’s prime locations, new urban districts are being created, with the King’s Cross scheme providing a case study in urbanism. Similar hopes are being placed on the developments around Nine Elms and Earl’s Court.”
“London’s ability to reinvent itself appears limitless.”
As buyers become more sophisticated, they need the security of a “starchitect”, or brand, a lot less.
Properties in these areas are looking to blend in with the environment or as Robert Lyle, a luxury lifestyle and brand consultant puts it “people want to wake up and know where they are”.
“As buyers become more sophisticated, they need the security of a “starchitect”, or brand, a lot less. They are more focused on acquiring residences that are at once quintessential of their location”
“It is therefore important for new developments to preserve, not sweep away, the integrity and traditions of the local environment, community and lifestyle.”