Thursday, August 4, 2011
High-End London Property Defies Gloom
London's prime real estate appears to have emerged strongly from the gloom that still envelops other property markets. The city's prime residential property prices have returned to their pre-recession peak, according to a survey, while demand for prime retail and office space continues to grow, driving up prices. Those trends are likely to continue as London next year hosts the Olympic Games and the queen's diamond-jubilee celebrations, events that will require the completion of several major public-construction projects and will attract millions of visitors to the city. Despite a recent rise in supply in London, prime residential prices climbed 8.3% year-to-year to June and were expected to continue to grow in the second half of 2011, albeit at a slower pace, said Knight Frank.