Friday, November 30, 2007
London is one of the most expensive places in the world to live and the real estate market is every bit the priciest to make you quake just a little in your shoes no matter your financial status. While America is taking a heck of a property market beating, London's super-prime property arenas of high-end and high-cost flats, is skyrocketing.
The leading culprits responsible for this rise and rise are wealthy bankers in London's financial district, old-money aristocrats, and every range of buyers in between. The ever expanding international buyer clientele are especially helping the astronomical increase in property prices. London's favorable tax system (foreign residents are taxed only on their overseas earnings); fashionable schools and good living are drawing them in from near and far.
With the beautiful array of flats, apartments, and pied-à-terre to choose from there appears to be a spoil for choice scenario going on. From jet-set lifestyle to the civilized and non-nomadic, London offers something for everyone to appreciate. "People like lateral living. It's more convenient, there's more use of space, you get a concierge, better security, underground parking," says Trevor Abrahmsohn, managing director of Glentree International, London-based estate agents.