London’s Prime Real Estate Witnesses Boost
London’s prime real estate market is seemingly recovering from the real estate sag since property prices have peaked and returned to their pre-recession values, according to Knight Frank.
This growth is projected to continue well into 2012 as London will be hosting the 2012 Summer Olympics and the queen’s diamond jubilee celebrations–both of which are believed to attract millions to the city. Prime residential prices in London have climbed 8.3% this past June in a year-to-year comparison with June 2010.
“The fact is that prime residential markets have acted as safe-havens for investors over the past two years—with growing demand for property in London, New York and other key global cities as economic and geopolitical concerns have pushed investors to look for stable locations for their wealth,” said Liam Bailey, head of residential research of property consultancy Knight Frank LLP, to The Wall Street Journal.
Retail properties in London are witnessing a similar boost: Despite a fragile economy, a growth in rental income and low vacancy rates have been reported in retail properties.
–Susmita Baral
