London trails Paris and New York for property prices surrounding famous landmarks

LaToya Harding
·3-min read
Pedestrians walk across Westminster Bridge in front of the Big Ben Clock Tower, in London March 8, 2011.  REUTERS/Stefan Wermuth (BRITAIN - Tags: TRAVEL CITYSCAPE POLITICS)
London properties around the Big Ben in Westminster followed behind Paris and New York, averaging at £464,547. Photo: REUTERS/Stefan Wermuth

The UK’s capital city is trailing behind Paris and New York when it comes to property prices near famous landmarks, it has emerged.

Research from international real estate experts Astons, analysed house prices around 11 famous landmarks across the global property market to find which attracted the highest price tag.

The study showed that Paris ranked highest with the average apartment-sized property near the Eiffel Tower being valued at £486,244 ($668,583).

In second place was property around New York’s Statue of Liberty. The research revealed that although there was a lack of available homes on the island itself, an apartment-sized home in the area would set you back £478,137.

London properties around the Big Ben in Westminster followed behind, averaging at £464,547.

The Sydney Opera House (£328,955) and Rome’s Colosseum (£250,678) also ranked as some of the most expensive real estate landmarks around the world.

At the other end of the scale, an apartment-sized property within reach of Cairo’s Pyramids of Giza costs just £27,431, with the Taj Mahal (£29,706) and Rio’s Christ the Redeemer (£52,893) also presenting some far more affordable options.

WATCH: How much money do I need to buy a house?

“The global property market is wonderfully diverse and allows many investors to build a wide portfolio based on their personal criteria and requirements,” Arthur Sarkisian, managing director of Astons, said.

“Of course, investing in the global go-to destinations of Paris, New York and London will come at a considerably higher cost, but even these premier locations will offer a range of investment opportunities at varying price points.

“Identifying the best option in any market will always rely on help from those operating on the ground with the local knowledge and expertise to help facilitate an investment.”

It comes as homes in Wimbledon were among the most sought after prime real estate in the London market between the last quarter of 2020 and the first quarter of 2021, as city dwellers sought more green space amid lockdowns.

According to data from Benham and Reeves' latest Prime London Property Demand Index, demand for high-end homes costing more than £2m ($2.8m) increased by 1% in the same period.

Demand for homes at £10m and above also increased 2% on a quarterly basis.

READ MORE: UK house prices hit record high one year from start of pandemic

The index analysed the ratio of homes listed for sale to those sold across the prime London market to identify where high-end homebuyer demand is at its highest, as well as how this demand has changed quarter to quarter.

The largest quarterly uplift was seen in Wimbledon, with demand up 12%, while Notting Hill, Pimlico and Fulham also received a boost.

The increased demand for homes in Wimbledon has also seeped into Q2, with demand at 44%, according to the data.

Barnes (42%), Richmond (41%), Chiswick (39%), Putney (37%), Clapham (34%), Highgate (31%), Islington (29%) and Wandsworth (25%) also currently rank highly.

Notting Hill and Holland Park are home to the highest levels of current demand in London, as well as seeing the largest quarter to quarter increase at this market price threshold.

Homebuyer demand across the prime central London (PCL) market has crept up by +1% to 20% during the first quarter of this year.

WATCH: What do stamp duty cuts mean for buyers and house prices?