It's not only in New York where insane real estate prices exist. A recent report showed that London's luxury real estate market is twice as expensive as New York's, which led 7 percent of buyers from the London market to go for New York City instead. Of course, there are many factors that must be taken into consideration.
One would be the sheer amount of area most luxury lots have in New York, and the price is per square foot; and although bigger lots mean higher prices, that just means that buyers are getting more bang for their buck there compared to London. Both cities have very similar markets; it's just that London is twice as big as the former. Both are targeting the same markets that have the same professions and lifestyles, and both cities are packed with world-renowned restaurants and other landmarks that people hope to live nearby. There is also an expected influx of luxury properties in New York in the coming years, and that could mean lower prices so they advice buyers to snag real estate now in the city while they can.
London's luxury market is also on the rise according to a report done by Beauchamp Estates. Over the next decade, they are expecting a huge increase of 27 percent and to generate £450 million in profit by the year 2025. The city also hopes to overtake major cities like Hong Kong, Singapore, and New York in terms of being the world's leading financial city.
Both cities look promising in terms of the luxury real estate market, as more and more people are ready to shell out their hard-earned money in beautiful homes and properties. Additionally, it really helps that the amount of billionaires all over the world are rising as well. That means more money to go around, and more markets to tap.