The market for London's most luxurious homes is skyrocketing as foreign buyers, seeking safe investments, swoop in to purchase the city's priciest residences. Sales of properties worth more than $8 million spiked 31% to a record 262 in the past year, reports Businessweek. House-hunters hailing from the Middle East, North Africa, Eastern Europe, and Russia are investing upward of $1,900 per square foot in posh London neighborhoods as a way to escape volatility in their home countries.
The most expensive deals are being struck for apartments in central London neighborhoods including Belgravia, Knightsbridge, and Mayfair. One six-story building dating from the Victorian era, located near Paddington Square, was recently listed at $44 million.