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Super-prime New York and Monaco markets boom

Friday, 14 March 2008 12:00 AM

The super-prime markets in New York's Manhattan district and Monaco have continued to boom, despite wider falls in the American and global markets.

The picture mirrors that of London, where average prices have been slowing in 2008, but the super-prime market has continued to see strong growth.

The fact London has enjoyed a boom in top end property in recent years has been well reported. Since September the prime market and the mainstream market have slowed, activity and price growth will slow further into 2008, but at the top end of the market there has been no such slowdown.

"The dislocation of London's top end market has been reflected in the only other true global super-prime markets: Manhattan and Monaco," explained Knight Frank in a statement.

Research from estate agents Knight Frank shows, while average property prices in the USA shrank by 4.5 per cent and by 4.2 per cent in New York in the year to December, Manhattan saw increases of 17.1 per cent.

This is mirrored in Monaco where prices overall have risen by 15.2 per cent in the year to December - whereas properties priced over 10 million euros rose by 27.3 per cent.

In New York developers are in a race to improve the luxury credentials of their property in order to secure a sale.

Three developers are leading the way at present, the Harrison, the Brompton and Superior Ink.

"Buyers have overwhelmingly responded to the long-term value in the classic designs of celebrated architect Robert A.M. Stern, with whom we have had a long term relationship," explained David J. Wine, vice chairman of Related Companies, which is behind the buildings.

"Most have purchased their homes at the Brompton, the Harrison and Superior Ink as primary residences so their locations in coveted New York neighbourhoods have played a key role in the successful selling of these properties."

Prices range from $625,000 (£307,000) for a studio at the Brompton to $10.95 million (£5.39 million) for townhouses at Superior Ink.

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