London luxury property double the price of New York as buyers look to Manhattan
As the price of London’s luxury property market continues to soar, many buyers are beginning to turn to that of New York. With a large family home in Knightsbridge averaging £2,194 per sq. ft., the compared to that of the Upper East Side in Manhattan where the cost is 1,196 per sq. ft. This kind of research conducted by the Transatlantic Wealth Report by the London-based Beauchamp Estates is the kind that is encouraging millionaires to look for cheaper properties elsewhere.
But are the financial benefits the only thing that is moving these purchasers across the shore? As they chase the dream of luxury living, they are in turn walking away from the luxury lifestyle. The facts show that whilst New Yorkers have a greater choice when it comes to Michelin restaurants – 76 compared to 65 in London, the UK’s capital boasts 173 museums and 857 galleries compared to New York’s 131 and 721.
At the end of the day, these small details don’t outweigh the affordability of London’s luxury lifestyle. To read more comparisons on the two markets, click here.