$5,525 Per Square Foot… a Bargain in London


london_flat.jpgWe recently reported on the public spectacle going on in London, where year-end bonuses were so exorbitant, stockbrokers are buying yachts and vacation homes in cash.

In another sign of the decadent times, a 77 square foot prison cell sized flat recently was listed for 170,000 pounds ($425,500 AUD – $5,525 per square foot).  Marketed as an investment property, this former utility room in the Knightsbridge neighbourhood, needs an additional $75,000 AUD in minor updates such as electricity and heat to make it habitable. 

London property is among the most expensive in the world, with prices peaking at roughly $6,500 AUD per square foot.  So the 77 square foot prison cell is indeed, a bargain.

Cover your ears… this bubble is about to pop.

The Daily Reckoning
The Daily Reckoning offers an independent and critical perspective on the Australian and global investment markets. Slightly offbeat and far from institutional, The Daily Reckoning delivers you straight-forward, humorous, and useful investment insights from a world wide network of analysts, contrarians, and successful investors. Founded in 1999, The Daily Reckoning is published in 7 countries with a worldwide readership of almost 1 million people.

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