CB Richard Ellis Group notes in a worldwide study of real estate prices (2006 figures) that property prices in London are the most expensive in the world, with some sales hitting $5,900US per square foot. Exclusive properties in New York can go for about $5,300US per square foot, while those in Hong Kong sell at around $3,950US per square foot. However, the prices came into focus this year when a London agent listed a 77-square-foot former storage room - without electricity - for $335,000US, or more than $5,100US per square foot. The closet-sized space is in the exclusive Knightsbridge neighborhood of central London.
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Best Regards, Richard Morrison