It’s well known that property prices in London and New York are among the most expensive in the world. A new report shows how home prices in the two cities stack up. The London office of the luxury real-estate firm Beauchamp Estates partnered with the New York-based Leslie J. Garfield, a real estate brokerage that specializes in townhouses and small buildings, for the analysis. The firms looked at home prices in 16 prime neighborhoods split evenly between London and Manhattan. Here are a few of the report’s highlights: - With the exception of Manhattan’s Greenwich Village, all of the prime London neighborhoods were more expensive on a price-per-square-foot basis than those in New York. - The average price per square foot was more than £2,000 (at $3,015 at current rates) for houses in Knightsbridge, Belgravia and South Kensington in 2014 and 2015.
Courtesy of Beauchamp Estates/Leslie J. Garfield
- In contrast, townhouses in six of the eight New York neighborhoods cost less than £1,000 (about $1,507) per square foot on average, suggesting these neighborhoods could be a better value when compared with London. - Greenwich Village has become the most-expensive neighborhood in Manhattan, with property prices averaging more than £1,500 (about $2,262) per square foot.
Courtesy of Beauchamp Estates/Leslie J. Garfield
The report notes that the high-end home market in New York has the potential to cool. A growing supply of new homes on the market could dampen future price growth, suggesting that a buyers’ market may be starting to emerge. Read the full report.
Related: A Reality Check for Manhattan Real Estate Write to Gina Faridniya at gina.faridniya@dowjones.com