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.
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(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.