Tiny London apartment on sale for € 250.000,-

Since buying houses has been the thing to do the last couple of months, I've been interested in housing projects and real estate throughout the world. It's fun to see what, where and how much objects or living spaces cost. Secretly I wouldn't mind making a career out of real estate, property development or something like that. Our recent visit to Bram & Greetje made my heart fill with joy and excitement, because they just have the nicest apartment imaginable. Next to my own, that is. But some properties are just.. well, I hardly think this would actually sell. For that price anyway.

Location is the key. Location always influences the price. Almost anywhere else, this tiny worn down studio wouldn't attract much more than mice. But as it's situated in London, this 7 square-meter former storage room - slightly bigger than a prison cell and without electricity - is going for €250.000,-. Yikes! My first 'student'- room was approximately the same size! And a hell of a lot cheaper, I’ll tell you that!

The closet-sized space in the exclusive Knightsbridge neighbourhood may be only "about the size of a ship's galley", real estate agent Andrew Scott who's handling the sale stated. "But it's permanently anchored to one of the wealthiest neighbourhoods in the world." At more than €35.714,- a square meter, the mortgage buys a spot within walking distance of famous stores like Harrods and London's iconic Hyde Park. Originally conceived as a maid's room, the apartment at 18 Cadogan Place hasn't been used for years and is littered with trash bags and crumbling paint.

A coffin-sized shower is en suite, and storage is provided by a shallow closet and 10-inch-deep shelves cut into the wall. Two hot plates and a small sink make up the kitchen. Two dirty windows allow light to filter into the basement room, and the fire escape could conceivably double as a shared patio. With no electricity or heating, Scott said it would cost an additional €40.000,- to make the room habitable. "It is an investment," he said, as he stretched his arms the width of the room, laying his palms flat on opposite sides of the wall. Imagine that!!!

The sale of this dark, mildewy room illustrates the astronomical rise in property values across London, which in the past year has seen average residential property prices increase 22.4 percent, to about €550.000,-, according to figures released Monday by Rightmove, an organization which tracks the British property market. Prices in London's most desirable neighbourhoods have grown even faster, with average house prices in the borough of Kensington and Chelsea - where Cadogan Place is located - rising 61.8 percent over the past year to a jaw-dropping €1.8 million.Ultra high-end property prices in London are the most expensive in the world, with some recent sales hitting €44.000,- per square meter - making the Cadogan Place studio a bargain by comparison, according to research published last year by CB Richard Ellis Group Inc. By the way, pictures with this post are actual footage..

Similar properties in New York can go for about €40.000,- per square meter, while those in Hong Kong sell at around €33.000,- per square meter. Scott said he already had three offers on the property, which might go to auction. Size, he added, is in the "eye of the beholder.""If you thought of this as the cabin on a boat, you'd say, 'It's pretty spacious,' " Scott said. Well Scott, you haven't been boating much lately, have you?