$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.


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