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Manchester highlighted in prime property study
08/05/2007
Manchester has been identified by a new survey as one of the UK's most expensive prime property locations.
According to estate agent Knight Frank and Citi Private Bank's Wealth Report 2007, London, Manchester, Birmingham and Edinburgh have the most expensive properties in the world.
Although Manchester does not join the likes of New York, Paris and Rome in the top ten, it is still the 22nd most expensive city in the world when it comes to prime property.
Liam Bailey, head of residential research at Knight Frank, told Reuters: "Over the next five years, we believe the trend of growing wealth and greater wealth concentration will continue," he said.
"There will be a significant demand and supply imbalance in the best prime market locations."
He said that price growth in 2007 will be lower than in 2006, although it is expected that prime markets will outperform mainstream markets by "quite a margin".
The report shows that prime property in Manchester is £320 per sq ft, which is more expensive than Brussels, Beijing and Shanghai.
Click here for more information about Manchester property.
© Adfero Ltd
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