By Emanuele Midolo.
Black Brick: London Offers Americans 43% More Space Per Dollar Than a Decade Ago
London’s prime property market is offering American buyers the best value in a generation — and Black Brick is actively capitalising on the opportunity, according to reporting in The Times covering Knight Frank’s annual Wealth Report.
The data is striking: $1 million now buys 34 square metres in London, up from 23 square metres a decade ago — a 43% increase in purchasing power. A 200 square metre penthouse in Marylebone that would have cost close to $8.7 million ten years ago can now be acquired for under $6 million. It is the biggest shift of any major global city over the period, driven by a combination of falling prime prices and favourable currency movement.
Camilla Dell, founder of Black Brick, was unequivocal about what this means in practice. “We’re pretty busy, despite the fact that the super-prime end of the market is coming down — and that’s just a fact,” she told The Times. The agency’s client base is now 25% American, and Dell described a market of exceptional opportunity for buyers with the right guidance. “I’ve just signed on a £20 million deal for an American client. We saved almost 25% from the original asking price,” she said. “I’m inundated with options. I’ve got a dozen options for a single client in Mayfair. That’s unheard of.”
Dell also highlighted activity at lower price points, noting a purchase in Chelsea near Sloane Square for close to £5 million for an American client seeking to be close to the city’s energy and amenities. The dollar advantage extends beyond US buyers: nationalities whose currencies are pegged to the dollar — across the Middle East and Asia — stand to benefit equally.
The contrast with rival destinations is instructive. Dubai prime prices have risen 147% over five years, Seoul 18.4% last year and Manila 17.9% — meaning London, once considered expensive, now offers dramatically more value per dollar than many of the cities its wealthy residents have been migrating to.
As featured in The Times.
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