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.