London homes priciest on the planet

The Chicago Sun-Times reports:

London's luxury homes are now the most expensive in the world, experts say, with foreign buyers, salary bonuses and steady interest rates driving prices up in the capital's overheated property market.

Prime residential property in London now costs around $2,300 per square foot, compared to $1,900 in New York, according to CB Richard Ellis Hamptons International.

''In terms of time zones and location, London is the most attractive place to be,'' said Liam Bailey, head of residential research at the Knight Frank real estate agency.

Foreign buyers own 51 percent of the $3.8 million-plus market in London, Knight Frank research shows, compared to 34 percent of the equivalent market in New York and 27 percent in Paris.

London is unique.What other major city hits Toyko and New York City in one trading day?