Real estate is twice as expensive in London as it in Manhattan, according to a new report which compares house prices in prominent neighborhoods from both cities.
The report, conducted by New York-based luxury broker Leslie J Garfield and London-based broker Beauchamp Estates, contrasts hundreds of properties based on size, type and condition in London and Manhattan, which have similarly sized populations of about 8.5 million people. But while London is made up of almost twice as much square footage as New York City, it’s actually much cheaper to buy real estate in the latter, says the report:
A comparison of New York and London neighbourhoods, or ‘villages’ reveals strong parallels between their built environments, history and lifestyle. However, with the exception of Manhattan’s Greenwich Village, all London neighbourhoods are much more expensive. Houses in Knightsbridge, Belgravia and South Kensington achieved more than £2,000 per square foot (£psf) on average in 2014 and 2015. In contrast, townhouses in six out of eight New York villages offer greater value, at under £1,000 psf on average, according to Leslie J. Garfield.
This trend is why there’s been a significant increase in British luxury buyers turning to New York City for real estate, according to the report. For more information, check it out here.