London is currently home to the third largest available level of super-prime property market stock, with just Hong Kong and New York placing above it, according to research from London estate agency Bective.
There are an estimated 63 billionaires currently living in London, accounting for 2.3% of the world’s total.
When analysing this number in relation to the city’s total population, Bective’s research found that London ranks third for the highest number of billionaires per 100,000 of the local population (0.70).
Just San Francisco (1.45) and Hong Kong (1.07) currently have more billionaires per 100,000 of the local population.
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Bective’s research also found that London sits within the top three in terms of the availability of super-prime property stock for existing, or future, billionaire homebuyers.
Bective analysed 10 global cities based on the level of homes currently for sale at the £10m mark or above.
The research showed that globally, there are 1,890 homes listed for sale at the very top end of the market across these 10 global destinations.
317 of these are located in London, meaning the city accounted for 16.8% of this global, super-prime property stock.
Just Hong Kong (904) and New York (537) are home to more £10m-plus properties listed for sale, accounting for 47.8% and 28.4% of the global market respectively.
In contrast, super-prime homebuyers face the toughest task in Moscow and Mumbai, with each nation accounting for just 0.1% of all super-prime properties on the market.
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Craig Tonkin, sales director at Bective, said: “It’s fair to say that the pandemic has proved more problematic for London’s super-prime market than it has for the rest of the UK market and ongoing travel restrictions have stifled demand at this very top tier since the start of last year.
“However, we’re now seeing signs that this is on the turn and the prime London market, as a whole, is well poised to make a swift recovery.
“Not only does it boast the quality of properties that appeal to the super-wealthy homebuyer, but it also has the available stock to sustain this appetite for high-end homeownership.
“As a result, London continues to rank as one of the dominant forces within the global, super-prime property market and the city remains an area of high interest for the world’s wealthiest homebuyers.”
By Jake Carter
Source: Mortgage Introducer
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