An interesting headline this week from England where home prices are going through the roof. The average home price in England and Wales rose ￡10,000 (US$17,000) over the past five weeks alone reaching a new average price of ￡272,000 (US$458,000).
A closer examination of real estate prices in London’s most desirable neighborhoods reveals ￡272,000 won’t go very far. London property website, Find Properly, just launched a very cool interactive map which shows average real estate prices in London by zip code.
We decided to compare average real estate prices in London’s five most expensive postal codes according to Find Properly’s map (SW3, WC2, SW7, W1 and W8) with average prices in the five most expensive barrios in Buenos Aires: Puerto Madero, Recoleta, Palermo, Belgrano and Nuñez.
The average real estate price per square foot in London’s five most expensive postal codes ranges from US$2,848 (W8: Kensington, Hammersmith) to $3,407 (SW3: Chelsea, Earls Court, Knightsbridge). In contrast, the average real estate price per square foot in BA’s top five most expensive neighborhoods ranges from US$260 (Nuñez) to US$460 (Puerto Madero).
Based on the average price information for each zone, US$1 million would buy you a property with somewhere between 294 and 351 square feet (27 to 33 m2) in London’s best neighborhoods. The same US$1 million would buy a property between 2,175 and 3,850 square feet (202 to 358 m2) in Buenos Aires’ top five barrios.
As a final step, we selected an active listing in each of the ten neighborhoods to see exactly what you can buy for US$1 million. While the London sample properties were either studios or one bedrooms, the BA sample properties include townhouses and single-family homes with up to five bedrooms.
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