London tops the world as most expensive residential market to buy into…

I just read London Luxury real estate to set a price record (see below for quote) from the International Herald Tribune and thought it was ‘wow’ at least for those of us in and around London.  I have to say I like what is happening to London (I may be one of the few with this opinion that isn’t a millionaire) as its getting more global (if that’s even possible), with more walking only area’s, better shopping, nicer and better maintained parks.  Its just exciting.  London’s bureaucrats are updating and upgrading the Tube (some major works were done this year), I heard rumours that First Capital Connect is going to merge the Stations at Kings Cross which would be really nice for me as I travel Kings Cross regularly. 

There is redevelopment all along Canary Wharf, Greenwich, etc.  The City is alive and money is pouring in faster than you can ‘happy slapping’ and with it works that have been left to founder for in some cases over 100 years are being rejuvenated.

On that note enjoy the quote and click on the source if you want to enjoy the full article.

London luxury real estate to set a price record - Europe - International Herald Tribune

The reality is that prime central London is the most expensive location in the world,” said Liam Bailey, head of residential research at the Knight Frank real estate agency. Top-end properties here have been selling for as much as £3,000, or almost $5,700, a square foot while New York’s are going for about $5,100, according to a recent study by the real estate agency CB Richard Ellis Hamptons International. Tokyo ranks third, at about $1,700 a square foot, followed by Hong Kong at about $1,300.

Source: London luxury real estate to set a price record - Europe - International Herald Tribune

It may be worth noting I was born and raised in Canada so I may have a ‘values’ difference from born and raised Londoners.