London Homes are the Most Expensive
Experts say that homes in London are the most expensive in the world. Property in the most desirable areas of the city average $2,300 per sq. foot, compared to $1,900 in New York City. The reason for the high prices is largely that London is, from a business perspective, a perfect place to live. Its time zone means that businesses have overlapping business hours with companies in the US and the Middle East and the fact that more than 50% of the housing market is owned by foreign buyers reinforces the city's position as an global hub. From all appearances, the trend of rising property prices will continue as the number of Asian buyers, which has grown by 60% in the last five years, is still on the rise, bringing new business and more money into the city.