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London loses its status of the city with the most expensive luxury homes
London loses its status of the city with the most expensive luxury homes
September 23, 2008London was overtaken by Monaco as the city with the most expensive elite estate, according to the index by Knight Frank consulting agency.
The average cost of the most expensive houses and apartments in London grew 1.8 per cent in comparison with last year during the second quarter of 2008, to $61,000. For the same time, prices in Monaco rose 30 per cent, to $69,000, reports.
The experts think that the main reason for the weakening of interest for London elite estate is the loss of jobs in the financial sector due to the world credit crunch. Lehman Brothers Holdings Inc., which filed the biggest bankruptcy in history, employed about 4,500 in London.
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