Wednesday, January 9, 2013

The World's Mega-Rich Are Flocking To London To Buy A Home

The apartments at One Hyde Park have been mostly purchased by foreign-registered buyers, according to The Guardian. It said the prices ranged from 3 million to 136 million British pounds ($4.9 million to $221 million). istockphoto.com

London Real Estate, A Magnet For Mega-Rich From Around The Globe -- NPR

Looking for a London pied-a-terre? How about a four-bedroom duplex overlooking Hyde Park? It could be yours, if you're prepared to spend $25 million.

In most of the United Kingdom, property prices are slumping. But in some of London's most upscale neighborhoods, they're going crazy.

Robin Perona sweeps the sidewalk at Egerton Crescent, a gracious semicircle of white townhouses in fashionable Chelsea.

In the 1990s, they cost about $700,000 each. Today the average price is some $13 million — or 8 million British pounds. Perona shakes his head when told he's sweeping Britain's most expensive street.

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My Comment: $221 million for a condo at One Hyde Park .... that's nuts.

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