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Marylebone outperforms Prime Central London in annual figures

Marylebone is the top performing area of Prime Central London (PCL) over the past twelve months, according to data by Knight Frank. Marylebone has seen a 0.7% rise in prime residential prices over the last 12 months (March to March), with this uplift outperforming the rest of PCL, which averaged -6.4%.
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Christian Lock-Necrews,Partner & Office Head at Knight Frank (Marylebone) commented: „During a more challenging market (as was similar in the post Lehman period) we have found that buyers look outside their traditional locations. Many found Marylebone in that period to be an area of London that represented best in class properties in a central London location, with a wonderful retail offering, yet it allowed them to get more for their money than Mayfair or Knightsbridge. This trend has been the same in the last six months as transactional costs have made people consider the rationale behind their move.“

According to the Knight Frank Marylebone office, currently the largest volume of sales in Marylebone and Regent's Park are in the €2.4 million (£2 million) to €6 million (£5 million) price range. However there are also sales above €12 million (£10 million), consisting of trophy penthouses and houses. Between 2005 and 2010 there were less than a dozen sales priced above €12 million (£10 million), however over the last seven years this sector has grown in both supply and sales and there are now regular deals in Marylebone and Regent's Park.

Typically, domestic buyers have been either downsizers from Hampstead and Highgate – swapping family houses for large lateral apartments – or relocators from neighbouring Mayfair. Mayfair relocators have been selling homes priced at €4,184 (£3,500) to €5,976 (£5,000) per sq. ft. and purchasing homes in Marylebone and Regent's Park priced at €2,988 (£2,500) to €3,586 (£3,000) per sq. ft. enabling them to acquire larger lateral homes and exchange the „West End“ lifestyle for a more leafy and village ambience.

Chris Lanitis, Director of Amazon Property commented, „In the first eight weeks of 2017 Amazon Property has successfully sold over €60 million (£50 million) worth of ultra prime residential property in our flagship The Park Crescent development and wider West End portfolio to a combination of UK domestic purchasers looking to buy now, and some Dollar based overseas buyers. The properties that have been sold are in the ultra prime sector of the marketplace priced from €6 million (£5 million) to €12 million (£10 million). Some 65% of these sales have been UK domestic and European purchasers with the remaining 35% selling to Dollar based international buyers from the Middle East, North America and Asia. Amazon Property has been active in Marylebone since 2001 and during that time have seen the Marylebone area transform into a hub of restaurants, entertainment and shopping outlets. These new Knight Frank figures are positive news for our developments like The Park Crescent, offering buyers the opportunity to purchase a turn-key residence in an exclusive location.“

Meriam Makiya,Partner & Head of Knight Frank Prime New Developments says: „One of the biggest attractions of Marylebone is Regent's Park and it is no surprise that some of the most prestigious new residential developments border the parkland. Projects such as The Park Crescent have set new benchmarks for quality in the local marketplace, offering an extremely rare historic Royal crescent with the added benefit of luxury hotel-like interiors and services.“