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Sales At One Hyde Park Top A Billion Dollars

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1 Sales At One Hyde Park Top A Billion Dollars on Wed Dec 01, 2010 3:39 am

LeeRain


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Sales At One Hyde Park Top A Billion Dollars

Published on 19-02-2008 by Skyscrapernews.com
Despite fears a global credit crunch could affect the top end of the London property market, sales at the ultra-luxury development, One Hyde Park seem to be unaffected.

Designed by Rogers, Stirk, Harbour + Partners for Candy & Candy, the development has now sold out half of its eighty apartments off-plan netting an extraordinary sales value of at least £600 million for the developers (1.17 billion dollars US) and an average price per unit of over £20 million.

Indicating this top end of the market is not affected by any slow down is the average price per square foot being paid by purchasers that has actually managed to go up since the apartments were first put on sale in 2006.

Figures from knight Frank show that in late 2006 £4,000 per square foot was being paid with this having increased recently to £5,700 per square foot showing the super rich are continuing to compete against each other for the top tier of properties.

The global reputation of London is indicated by the profile of buyers who are purchasing apartments with only 20% being British. Brits are outnumbered by those from the Middle East who make up 25% of purchasers and 33% who are Russian. North Americans and Europeans are only standing on 11% each.

The super-prime sector of the London property market however remains small compared to the overall number of new housing units built with a mere 1,140 under construction that is helping keep down supply relative to demand.

How much further this sector will increase in price remains to be seen but One Hyde Park helps work as an interesting financial barometer as to how much those with loads'a'money will pay.

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