London has overwhelmed Hong Kong to turn into the most costly city for top of the line, new form property - which has now arrived at a world record at £2,000 for every square foot.

The expense of another form home, arranged in the well known center of the UK's capital, has climbed by 16pc throughout the most recent year, as indicated by a report by property bunch, CBRE.

The file has Hong Kong and New York in second and third place, with prime property costing £1,950 and £1,800 separately.

Jennet Siebritis, head of private examination at CBRE, refers to the extreme supply and interest lopsidedness in London as the fundamental component driving up costs in the city, which has expanded in populace by one million individuals since 2004.

Interestingly, the number of inhabitants in New York stayed static.

While supply was an issue 10 years prior, she proceeded with, London has now turned into a "worldwide" city pulling in worldwide organizations and their representatives, expanding the power for new form condo in the capital's center.

Worldwide prime property costs have climbed 9pc throughout the most recent year, contrasted with London's 16pc.

And abroad financial specialists stoking the lodging market, the report found that there has additionally been a resurgence of local purchasers - who now represent 52pc of transactions in the area. photo by alwyne.co.uk