IIPM PUBLICATION
Did you
know that as far as prime property rates go, London is way ahead in the real estate business – yes, even miles ahead of New York? According to a report by global real estate services firm CB Richard Ellis that appeared last year, land rates in areas like Chelsea and Hampstead averaged $2,244 per sq feet. In comparison, areas in Manhattan – say Fifth Avenue or Madison Avenue – cost only (in relative terms that is!) $1,870 per sq feet. Now, it seems property prices will go further north – only if there is any more distance left to be traversed in the north! As it is, the whole of United Kingdom is in the throes of a property prices spiral. London may not be leading the charge (areas in Wales and Ireland have actually climbed up the value chain much faster, and the price differential between them and London is substantially more), but even so, in 2006, rates rose by 28.6 percent, and it is now being estimated that the property market in the city may even double! Wow, now that’s quite something! According to experts, primearea prices are rising at the highest growth rate in last 27 years. According to the HBOS (UK’s largest mortgage and savings provider) House Price Calculator, the price of a London house that was £100,000 in 2000 is gone up to £196,246 by this time (of course, we are talking average prices here!). In such a scenario would you like to invest in property next time when you go to see the Big Ben?For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2007
An IIPM and Malay Chaudhuri – Arindam Chaudhuri Initiative
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