One Hyde Park sets new London price record
The Qatar-backed property makes history
Throughout real estate history, London has always been one of the most expensive markets on earth, which is now starting raising concerns ahead of parliamentary elections in 2015 that locals are being squeezed out of the property market.
"We're in boom-time prices, more expensive than we've ever been in the history of mankind," stated Nick Candy, one of the developers and interior designers of London's One Hyde Park luxury apartments, one of the capital's prime residences.
"There is a concern over the market overheating ... Everyone thinks the main central London is doing so well, (so) the ripple effect is going throughout the UK, and some of the prices being achieved are probably unrealistic and not sustainable," he added.
Candy also confirmed that a 16,000 square foot penthouse had been sold but declined to comment on the price or name the buyer. Britain's previous property record for an apartment was set three years ago by Ukrainian billionaire Rinat Akhemtov, who paid $229 million pounds for a penthouse and apartment at One Hyde Park, which he then knocked together to make one property.
There have been more than $2 billion in sales in the entire luxury block, whose developer is a joint venture between CPC Group and Waterknights — the private company of Qatar's Sheikh Hamad Bin Jassim Bin Jabor Al Thani.
Rising prices in the past years have prompted a surge of luxury developments, with more than 20,000 residential units scheduled to be built in London over the next 10 years.