London’s Penthouse Demand

May 17th, 2013 | By | Category: House Key, Residence

CBRE Report Shows Penthouse Sales Are Big Business In London

london penthouse

A report by CBRE has shown that the value of penthouses currently being sold in London now exceeds £1 billion. The resurgence of the prime property market and the emergence of the super prime property market are major factors that have contributed to this huge interest in penthouses in London.

The report by CBRE highlights that although prices of penthouses in London vary it is impossible to buy a penthouse in London for less than £1 million. This variation in price is represented in the fact that penthouses in prime central London areas can fetch as much as £13m, whereas penthouses in other parts of London like Camden will be valued at around the £1.5m mark. Typically penthouses sell for a 60% premium over the rest of a development.

Penthouses in locations such as Rutland Gardens have attracted the super rich to London as they feel London properties display a level of luxury rarely seen anywhere else.

CBRE’s head of residential Mark Collins says “With the burgeoning volume of billionaires in the world and the increasingly international appeal of prime London real estate we anticipate that the penthouse market will continue to be a very exciting and elusive space going forward”.

The CBRE report also highlights key features that these London penthouses boast, they include; high floor to ceiling heights with glass wrap around, generous outdoor space up to 20% of the floor area, luxury specifications that are notably better than the rest of project, located at the top of an iconic tower, designed by leading architects, best quality appliances, ground breaking technology, a broad range of facilities and additional amenities in the development, state of the art security and spectacular views over a city or park.

The London prime property market appears to remaining strong, CBRE’s report on the power of penthouses in the market will only enforce London’s reputation as the location to purchase property.

Tags: , , ,