Real Estate Marketing & Beyond
According to a report in Arabianbusiness.com, prices at One Hyde Park in Knightsbridge London could hit £10,000 a square foot by 2016. The development of 86 prime residential apartments already sells for £7,500 a square foot, an incredible increase of £3,000 since the development was launched in 2006.
London's Knightsbridge is considered to be one of its most desirable areas. Courtesy of Wallyg @ flickr
The project is owned by Project Grande (Guernsey) Ltd which is a joint venture consortium partially owned by a company of Qatari Prime Minister Sheikh Hamad bin Jassim bin Jabr Al-Thani, and has already generated £1.4 billion worth of sales. Price of prime luxury property has soared in recent months as many overseas buyers are seeking a safe haven from the sovereign debt crisis and global uncertainty.
According to a report by Knight Frank, the value of apartments and houses costing an average of £3.7 million increased by 12.5% in October compared to October 2010. The same report also pointed out that it was unlikely London would see another development such as One Hyde Park for quite some time to come which is partially due to lack of finance for speculative development and partially due to the lack of suitable super prime locations.
The resale market in London has come under considerable pressure during the last decade, and this has partially been relieved by new build property built especially to appeal to the super rich from the Middle East and Asia. This type of property has interior designed spaces incorporating the very best technology and materials, while owners every whim is catered to by hotel trained concierge teams.
These elements have become the norm in such developments and have helped drive up the price of such schemes from £1,000 per square foot in 2000, to £3,000 per square foot in 2006. This type of development is also becoming increasingly popular in other cities which attract the super wealthy including New York, Hong Kong, Singapore and Monaco, although very few locations are quite as expensive as London. If you are interested in this property or similar properties, contact your local Hamptons Estate Agents in London.
