London wins ‘super prime’ property hot spot

LONDON: London beat Hong Kong and New York to become the most popular city to buy ultra-luxurious residential property last year despite Brexit and Covid, a study showed on Monday.

The combined value of super-prime properties sold in the British capital climbed in 2020 to $3.7 billion (3.1 billion euros), according to data gathered by estate agency Knight Frank. Hong Kong lost the top spot to London after sales slid to $3.2 billion for luxury real estate, defined as property worth $10 million or more.

Los Angeles sales meanwhile jumped to $2.6 billion, earning it third place. New York took fourth place with total sales of $2.2 billion. "London’s super-prime residential market shrugged off Brexit and even looked through the pandemic -- confirming the UK capital as the world’s leading wealth destination," said Liam Bailey, global head of research at Knight Frank.