Originally Posted by
YVR Cockroach
Easy. Lack of land, limited opportunities to redevelop, etc. = severely constrained supply. Add to that next-to-no property tax and very highly paid professionals. Manhattan is a comparable as far as the last point is concerned.
I think you misunderstood me. I understand why the prices are so high, I just cannot see myself living in those derelict shoeboxes. I would only move to London if I was absurdly wealthy so that I could afford a decent place to live.
My uncle purchased a place in Knightsbridge many decades ago, then purchased the next 2 adjoining flats over the years, and now owns almost the entire floor of a building. The property is worth an obscene amount of money right now; one would have to be a Russian oligarch or a corrupt 3rd world politician in order to be able to afford something like that nowadays!