A flat in central London has sold for £140 million, making it the world’s most expensive.
The penthouse property in the One Hyde Park development was bought by an eastern European buyer, according to Property Week, but the individual’s identity has not been revealed.
The developers will now work closely with the unnamed individual to kit out and decorate the flat in line with their tastes, which could push the price up to a staggering £10,000 per sq ft.
One Hyde Park is the most expensive block of flats on Earth, with the previous most expensive flat ever sold being another property in the development, which was bought by Ukraine’s Rinat Akhmetov for £136.4 million in 2011.
The 80-flat development has been built by brother Nick and Christian Candy, with backing from the Qatari Sheikh Hamad bin Jassim bin Jabr al-Thani.
London property has become a global reserve currency in recent years, pushing up the average house prices in the capital 18.1% over the last year alone to £458,000. Foreign investors see London property as a safer investment with higher returns than stock markets, especially after the recent financial collapse.
As the crisis in Ukraine rumbles on, Russian and Ukrainian investors are increasingly looking to make stable investments outside of their home countries, and London property has become one of the most popular choices.
