The
value of penthouse flats currently on sale in London has exceeded £1bn ($ 1.5bn
= $ 150 Crore ) on the back of recovery in the London city’s prime residential
market, research showed.
Real
estate services firm CBRE found that the average price for a penthouse in prime
areas of the British capital - a popular choice among Arab investors - is
now £13.3 m, or up to £ 4,000 per square
feet.
CBRE
said that penthouses in districts such as Islington & Camden could be
snapped up for between £ 1.5 m and £ 3 m, with prices for such apartments in
Central London starting at about £ 4 m.
Penthouse
properties generally sell for a 60% premium over the rest of a development,
CBRE said, and can account for 20 % of the gross development value of the
project involved.
Mr.
Mark Collins, Chairman,CBRE Residential, said,
“Penthouses of the quality on sale in London now cement our capital’s
new status as a home from home for the super-rich as well as providing an
invaluable store for their wealth”
“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 & elusive space going
forward” Mr. Mark Collins added.
The
CBRE report said that some of the features of penthouses that buyers requested
included spectacular views over the city or its green spaces, state-of-the-art
security, generous outdoor space, and high floor-to-ceiling heights with glass
wrap-around.
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