London rises in price faster than a bottle of French wine

London rises in price faster than a bottle of French wine

Since January 2004, when Knight Frank calculated the price index for luxury properties in central London for the first time, prices have risen by 135%, according to ee24.com citing Knight Frank. At the same time, a bottle of Margaux went up in price by 134% during the same period.

Having £1 million (€1.2 million), 10 years ago one could buy a two-bedroom apartment in the prestigious Knightsbridge area in ​​London. Today only small studios are offered for this money.

January 2014 is the 39th consecutive month when prices for luxury real estate in London have been growing. Number of sales last year increased by 37%. The share of the Britons amounted to 74%, of other Europeans - 11% of transactions.

Over the past five years the Russians (13.3%) were dominating among foreign property buyers in London, followed by citizens of UAE (12.8%), the U.S. (7.6%), Italy (7%) and India (6.8%).