Mayfair or the Upper East Side?
The battle to be the best rages on between New York and London, the two cities now having been compared numerous times over the years.
Between the enviable entertainment scenes, world-class shopping and dining, luxurious property markets and plenty of parks and open spaces, both cities have ample to offer those in search of a lucrative investment property or their next family home. London and New York are two of the most expensive cities in which to buy and own property; a four-bedroom home in the luxury market of Mayfair for example can cost around £25,000,000, while buyers should expect to budget $35,000,000 for a similar property type stateside. For those with the means then, living in either city can provide an incredible experience – but which city would work best for you?...
We love Mayfair because…
- It’s a historic part of London. Mayfair is one of the oldest areas of the city, dating back to 1686. The property here reflects that, with a vast range of architecture available from old Georgian properties to luxurious new developments.
- London offers a high quality of life. According to the Mercer Quality of Living Survey, London is ranked 38th out of 221 cities in terms of overall quality of life. This is based on factors like crime rates, employment and political stability.
- Property is expensive…but large. London has been named the world’s second most expensive city to buy and own property by the Global Property Guide, coming second only to Monaco. In Mayfair, property priced below £1 million is set to be gone from the marketplace by as early as 2020, however, 43 per cent of all available properties in the area were two-bedroom units last year, so at least you obtain some decent space in what is generally a compact neighborhood.
- There are plenty of parks. Mayfair bordersHyde Park and Green Park, two of the largest open spaces in London. In addition, there are plenty of smaller, well-manicured parks nearby. Not only does this make for plenty of pleasant space to run or walk dogs, but also from higher storeys, the views are simply stunning.
- Tourists love it. With so many iconic places to see in Mayfair, visitors do pass through, providing opportunities for Airbnb for those lucky enough to live here. London as a whole welcomes 16.8 million visitors a year, making it one of the most popular destinations in Europe.
- You get more property for your money. As of January 2014, the price per square foot in Mayfair was £2,320, compared to just £796 on the Upper East Side. While values have increased, this desirable part of NYC is still more affordable that Mayfair.
- The culinary scene is amazing.New York is a city known for it’s food, and it’s here that you’ll find 126 Michelin Star restaurants from which to choose. While there are upscale options in Mayfair, nine of the world’s top 100 restaurants are located in New York.
- Central Park is nearby. Bordering the Upper East Side is Central Park, home to ice-skating, theatre, monuments, water and open space. If you like city living but want nearness to outdoor pursuits on your doorstep, this neighbourhood is perfect.
- The US fares well on the World Happiness Report. The annual index ranked the US as the 13th happiest country in the world, with the UK trailing by 10 spots.
- Tourists love it here, too. New York welcomes more than double London’s visitors, with 55 million tourists visiting throughout the year.