And I thought DC was expensive
A 77 sq ft flat in London WITHOUT electricity or heat costs $335,000 … and they have three offers
Location, location, location. Almost anywhere else, the tiny dilapidated studio wouldn’t attract much more than mice. But this is London and the 77-square-foot former storage room — slightly bigger than a prison cell and without electricity — is going for $335,000
The closet-sized space in the exclusive Knightsbridge neighborhood may be only “about the size of a ship’s galley”, said real estate agent Andrew Scott, who’s handling the sale. “But it’s permanently anchored to one of the wealthiest neighborhoods in the world.”
At more than $4,340 a square foot, the mortgage buys a spot within walking distance of tony stores like Harrods and London’s iconic Hyde Park. Originally conceived as a maid’s room, the apartment at 18 Cadogan Place hasn’t been used for years and is littered with trash bags and crumbling paint.
A coffin-sized shower is en suite, and storage is provided by a shallow closet and 10-inch-deep shelves cut into the wall. Two hot plates and a small sink make up the kitchen. Two dirty windows allow light to filter into the basement room, and the fire escape could conceivably double as a shared patio.
With no electricity or heating, Scott said it would cost an additional $59,000 to make the room habitable.
“It is an investment,” he said, as he stretched his arms the width of the room, laying his palms flat on opposite sides of the wall.
The sale of this dark, mildewy room illustrates the astronomical rise in property values across London, which in the past year has seen average residential property prices increase 22.4 percent, to about $703,000, according to figures released Monday by Rightmove, which tracks the British property market.
Prices in London’s most desirable neighborhoods have grown even faster, with average house prices in the borough of Kensington and Chelsea — where Cadogan Place is located — rising 61.8 percent over the past year to a jaw-dropping $2.2 million.
Ultra high-end property prices in London are the most expensive in the world, with some recent sales hitting $5,900 per square foot — making the Cadogan Place studio a bargain by comparison, according to research published last year by CB Richard Ellis Group Inc.
Similar properties in New York can go for about $5,300 per square foot, while those in Hong Kong sell at around $3,950 per square foot.
Scott said he already had three offers on the property, which might go to auction. Size, he added, is in the “eye of the beholder.”
“If you thought of this as the cabin on a boat, you’d say, ‘It’s pretty spacious,’ ” Scott said
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I remember a friend of mine from high school moved to NYC some years ago, and was renting a space (too small to be called an apartment or studio) slightly larger than a twin size bed, with a common bathroom out in the hallway for about $800-1000 a month. Ridiculous to me but it’s the location that mattered to him.
Insane. I love England, I lived there for years, but sometimes it is too much. The average flat in these areas is going for over a million dollars, that for a small two bed room flat.
Soon only the rich will be able to live in Cities proper. The poor will be in suburban slums.
The average one bedroom apartment in Manhattan is now 1 million
assalamu alikeum
Yes, house prices in london are ridiculously expensive. The average house price today in london is said to be roughly £280,000 -average being 2/3 bed and the houses/flats arent that big neither. Thats $550,000! and its increasing each year. Its the reason why so many can’t afford to buy in london and are moving outside of london and commuting to work. Problem with that is, those areas also increase in prices and evetually people will just move away from the south east of england altogether! Prices have increased overall in britian, but many are purchasing houses in the midlands and north of england, in areas which are now being re-generated and rebuilt after decades of neglect, as they’re relatively cheaper and will increase in value once the areas are fully redelevoped.
I’m not sure myself whether i will live in london in the future inshallah, because unless the market crashes or i (or future husband) become wealtheir, i won’t be able to afford such prices. I don’t want to be renting forever, and even rent here for a 1 bed flat is on average £750-£1000 per month.