New data shows the cost of buying city centre flats around the world, including in London.
London is the world’s second most expensive city to buy a centrally-located flat in, new data reveals.
According to research from personal finance comparison website Finder.com, the average price of a two-bedroom flat in London is £788,000, which is four times more than the UK average.
The world’s most expensive city in which to buy a city centre flat is Hong Kong, where buyers can spend on average £1,290,000 for a two-bedroom flat.
After Hong Kong and London, Singapore is the world’s third most expensive city in which to buy a two-bedroom flat in the centre of the city. This is followed by Beijing, Zurich, Shanghai, New York, Seoul, and Geneva.
Globally, Hong Kong is the most expensive country to buy a city centre flat in, and this is followed by Singapore, Switzerland, South Korea, Japan, Taiwan, Israel, Norway, China, and Sweden.
Of the countries with available data included in the research, the cheapest country in which to buy a city centre flat is Egypt, where the average price of a two-bedroom flat is £27,000.
Though London does feature as one of the world’s most expensive cities in which to buy flats, this is good news for sellers or property investors with a central London flat in their portfolio.
And despite uncertainty due to Brexit, demand for rental flats in London, especially in central London, remains strong.
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[© picture taken by Plaza Estates negotiator]