London is the Most Popular City to Purchase Ultra-Luxurious Residential Property
London beat Hong Kong and New York to become the most popular city to buy ultra-luxurious residential property last year despite Brexit and Covid, a study showed on April 12.
The combined value of super-prime properties sold in the British capital climbed in 2020 to US$3.7 billion (3.1 billion euros), according to data gathered by estate agency Knight Frank.
Hong Kong lost the top spot to London after sales slid to US$3.2 billion for luxury real estate, defined as property worth US$10 million or more.
Los Angeles sales meanwhile jumped to US$2.6 billion, earning it third place.
New York took fourth place with total sales of US$2.2 billion.
"London's super-prime residential market shrugged off Brexit and even looked through the pandemic—confirming the UK capital as the world's leading wealth destination," said Liam Bailey, global head of research at Knight Frank.
"After five years of price falls, the capital is set for a reset and the latest numbers from Knight Frank's super-prime data confirm that London is on top of the world."