The prime residential property market in central London is showing no signs of slowing down.
According to a recent Knight Frank survey, average home prices in prime central London rose by 0.7 percent in September compared to the previous month, and are up 5.5 percent so far this year. qatar sales
According to the company, prices rose by 1.7 percent in the third quarter of 2013 and have now increased for 35 months in a row. According to the report, the year-to-date price increase reflects differences in performance between individual markets and price brackets.
In 2013, the value of homes in the £5 million to £10 million and £10 million and higher price ranges rose by 3.1 percent and 1.6 percent, respectively. Home prices in the sub-£1 million and £1 million to £2 million price ranges, on the other hand, are up 10% and 8.9%, respectively.
According to the survey, even as prices in prime central London continue to rise, the impact on buyer demand is marginal.
"As compared to the same timeframe in 2012, the number of new buyer registrations increased by 28 percent in the first nine months of this year," Liam Bailey, global head of residential research at Knight Frank, said in the study. "The increased consumer demand has resulted in increased sales volumes."
So far this year, revenues in the prime central London market have increased by nearly 50% over the same timeframe in 2012. The number of properties for sale in September was 8% lower than last year, owing to sales depleting inventory.
Notting Hill saw the biggest monthly price rises in September, up 1.5 percent from the previous month, and City & Fringe saw a 1.4 percent rise.
According to a separate Knight Frank report, prime central London rents fell 0.1 percent month over month, and were 1.2 percent lower year over year. In the period January to September 2013, the number of signed tenancies increased 16.1% over the same period the previous year.
"The bulk of new leases have been for properties costing less than £1000 a week, accounting for a large portion of all new leases so far this year," Mr. Bailey said.
Tribeca is purchasing property in Mayfair, London.
Tribeca Holding, led by Irish investor Aidan Brooks, is paying 130 million pounds ($211 million) for a mixed-use site in London's Mayfair area.
According to Bloomberg, the buildings on 431-451 Oxford Street house nine shops, offices, and apartments. According to the wire service, the sale will be "the second-largest mixed-use property transaction in London's West End district this year."
According to Bloomberg, the seller is Structadene Ltd., a London-based developer created by entrepreneur David Pearl.
The house, located in one of London's most trendy areas, is about 175 yards from the Crossrail station on Bond Street, which is set to open in 2018.
According to Bloomberg, Tribeca is collaborating on the project with an unnamed collaborator.