The London real estate market has been wildly soaring in the last couple of years as the city has seen vast inflows of foreign money — particularly from the Middle East, the former Soviet Union and China — with foreign investors last year buying 70 percent of new housing stock in central London.
The real estate market in London is so hot that even a parking garage in central London can fetch as much as a luxury home outside London.
This parking garage close to the Royal Albert Hall and the home of Prince William and Kate Middleton in the heart of Kensington is on the market for £500,000 ($855,000):
(John D. Wood & Co)
The door is 8' 5" wide, and 9' 2" high, and the garage stretches back 17' 9". And the buyer must fork out £300 ($513) per year for ground rent and maintenance charges.
The garage is priced nearly three times the £172,000 ($294,000) paid on average for a home in England and Wales last month.