For generations, Manhattan and London have been two of the world’s preferred destinations for international wealth.

Both offer political importance, strong legal systems, deep financial markets and limited supplies of prestigious residential property.  Both also provide something that many Asian investors cannot obtain by purchasing another property in their home market: meaningful geographic and currency diversification.

But Manhattan and London are not interchangeable investments.

For an Asian family deciding where to allocate its next $10 million, the question is not simply which city is more prestigious.  The more important question is:

Which market better serves the family’s specific objective—capital preservation, income, lifestyle, diversification or long-term appreciation?

 

Read about Wei Min’s style in Best Manhattan property agents and Role of a buyer’s broker.

 

The Case for Manhattan

Manhattan is fundamentally a condominium-driven international market.

Foreign buyers can generally purchase a Manhattan condominium without being US citizens or residents.  Condos usually allow owners to rent their apartments, hold them through an appropriate ownership structure and resell them without the extensive approval process associated with New York cooperative buildings.

For an overseas investor, that flexibility is extremely important.

 

1. Exposure to the US Dollar

A Manhattan property gives an Asian investor exposure to a US-dollar-denominated hard asset.

For families whose businesses, investments and real estate are concentrated in Asia, Manhattan can function as a geographic and currency diversifier.  The objective is not necessarily to predict whether the dollar will rise next year.  It is to avoid having nearly all family wealth tied to one country, currency or economic system.

 

2. A Broad and Liquid Buyer Pool

Manhattan benefits from demand from multiple groups:

• • Local residents
  • Wall Street and technology executives
  • Domestic high-net-worth buyers
  • International investors
  • Parents purchasing for children
  • Buyers seeking a pied-à-terre

This diversified demand base can support resale liquidity, particularly for well-located two- and three-bedroom condominiums at prices that remain accessible to several categories of affluent buyers.

 

 

Client’s new development buy at 125 Greenwich overlooking New York Harbor.

3. Standardized Luxury Condominiums

Manhattan offers a large selection of professionally managed luxury condominium buildings with:

• • Full-time staff
  • Security
  • Fitness and wellness facilities
  • Central air conditioning
  • Elevators
  • On-site maintenance
  • Rental management options

This makes ownership comparatively straightforward for an investor living thousands of miles away.

A newly developed or recently built Manhattan condominium may be easier to operate remotely than a historic London townhouse that requires extensive maintenance and renovation.

 

4. Strong Rental Demand

Manhattan has a deep rental market supported by employment, education, finance, technology and limited housing supply.

Rental yield should not be the primary reason to purchase a trophy apartment.  However, a carefully selected condominium can generate income that offsets a meaningful portion of the property’s carrying costs.

The strongest investment units are not always the most spectacular apartments.  They are often two- or three-bedroom residences with good light, sensible layouts and broad rental and resale appeal.

 

Weimin’s article, The 5 Manhattan Condominium Buildings I Would Buy Today

 

 

The Case for London

London remains one of the world’s most important centers of global wealth.

It offers extraordinary architecture, prestigious neighborhoods, internationally recognized schools and universities, and close connections to Europe, the Middle East and Asia.

For many Asian families, London also has deep historical, educational and business ties.

 

1. A Potential Value-Recovery Opportunity

Prime London has experienced a prolonged period of price stagnation and correction.

At the beginning of 2026, prime London values were approximately 10% below their 2014 peak in nominal terms, with significantly greater declines after accounting for inflation. (Coutts)

This creates a possible contrarian argument for London.

An investor may be purchasing after a decade of underperformance rather than after a decade of rapid appreciation.  For patient buyers, particularly those purchasing in sterling while holding stronger foreign currencies, selected prime London assets may offer an attractive entry point.

However, being below a previous peak does not automatically mean that a property is undervalued.  Investors must distinguish between temporary market weakness and structural underperformance.

 

2. Historic Homes and Land Value

London provides access to property types that are difficult to replicate in Manhattan:

• • Georgian and Victorian townhouses
  • Period mansions
  • Garden squares
  • Low-rise historic neighborhoods
  • Freehold homes with private outdoor space

For buyers who prioritize architectural character, multigenerational use and long-term family ownership, London may offer a stronger emotional and lifestyle proposition.

Manhattan’s luxury inventory is generally more vertical and service-oriented.  London offers more opportunities to control an entire building or own a landed home.

 

3. Proximity to Europe

For Asian families with business, education or lifestyle interests across Europe, London can serve as a strategic base.

Its time zone also makes it possible to communicate with Asia in the morning and North America later in the day.  This remains valuable for families operating global businesses or investment portfolios.

 

 

View from 111 W 57, which has the best location amongst the four Billionaire’s Row condos because it’s right in the middle of Central Park.

 

The Biggest Difference: Transaction Taxes

London’s major disadvantage is the cost of entry.

Purchasers of additional residences in England may be subject to a 5% stamp-duty surcharge, while qualifying non-UK residents may also pay an additional 2% surcharge.  These charges are imposed on top of the ordinary progressive Stamp Duty Land Tax rates. (GOV.UK)

At the £7 million to £8 million level—the approximate sterling equivalent of a $10 million allocation—the total acquisition tax can be substantial.

That creates an immediate hurdle before the investment has generated any return.

Manhattan buyers also face closing costs, including New York’s progressive mansion tax on purchases of $1 million or more.  New-development purchases may involve additional expenses if the buyer is required to pay costs normally borne by the seller.

Nevertheless, the transaction-cost difference can make London considerably more expensive to enter, especially for a nonresident purchasing an additional home.

 

 

Annual Carrying Costs

The comparison becomes more nuanced after closing.

 

Manhattan

Manhattan condominium owners typically pay:

• • Monthly common charges
  • New York City property taxes
  • Insurance
  • Management expenses
  • Occasional assessments

Newer luxury developments with extensive amenities can have high monthly carrying costs.  Investors should examine not only the purchase price but also the cost per square foot of maintaining the apartment.

 

London

London owners generally face:

• • Council tax
  • Service charges for apartments
  • Insurance
  • Maintenance
  • Ground rent where applicable
  • Potential major building expenditures

A London apartment’s recurring property tax may appear modest compared with a similarly valued Manhattan condominium.  However, older London properties can require significant maintenance, while prime apartment buildings may impose substantial service charges.

The correct comparison is therefore not simply property tax versus council tax.  It is the property’s total annual cost of ownership.

 

 

Rental Income

Neither prime Manhattan nor prime central London should be viewed primarily as a high-yield investment.

At the luxury level, investors are generally accepting lower current income in exchange for location, scarcity, capital preservation and lifestyle value.

London’s rental market has been strong, but net yields in the capital remain relatively low compared with less expensive UK cities. (Investropa)

Manhattan luxury condominium yields are also typically modest.  However, investors may find Manhattan’s condominium leasing process more standardized, particularly in buildings accustomed to international ownership.

In both cities, the best rental investment is usually not the largest trophy property.  A $10 million investor seeking income may be better served by purchasing several smaller units rather than one $10 million residence.

 

 

Represented client in buying and then selling the below condo in top pre-war building in FiDi.

 

Resale Liquidity

Liquidity depends more on the individual property than on the city.

A properly priced Manhattan condominium with an efficient layout, desirable view and recognizable address may attract domestic and international buyers.

A London townhouse may be highly desirable but appeal to a narrower pool, especially if it requires renovation.  Recent evidence from some prime central London locations shows that large historic houses can remain on the market for extended periods when they do not meet modern buyers’ preference for finished, turnkey homes. (Financial Times)

This is an important lesson for UHNW investors:

Rarity alone does not guarantee liquidity.

The property must also match the preferences of the next generation of buyers.

 

 

Taxes and Ownership Structure

Cross-border tax planning is essential in both markets.

Foreign owners of US real estate must consider:

• • US income tax on rental income
  • Capital-gains taxation
  • Estate-tax exposure
  • FIRPTA withholding when selling
  • The appropriate individual, corporate or trust structure

FIRPTA generally requires withholding when a foreign person disposes of a US real-property interest.  The withholding is not necessarily the investor’s final tax liability, but it can affect cash flow at the time of sale. (IRS)

London investors must similarly consider UK taxation of rental income, capital gains, inheritance exposure and the tax consequences of the chosen ownership structure.

The acquisition entity should be determined before signing a contract.  Changing ownership after closing may trigger unnecessary taxes or administrative complications.

Investors should receive coordinated legal and tax advice in their home jurisdiction and in the country where they are purchasing.

 

Weimin’s article, Why Many Asian Families Buy Property in Manhattan for Their Children

 

 

What Can $10 Million Buy?

The answer depends heavily on neighborhood, building quality and exchange rates, but the investment opportunities are structurally different.

 

In Manhattan

A $10 million budget could potentially purchase:

• • One large luxury residence in Tribeca, the West Village or the Upper East Side
  • A smaller unit in an ultra-prime new development
  • Two or three investment condominiums in established luxury buildings
  • A combination of a personal pied-à-terre and a separate rental property

 

In London

The same allocation might purchase:

• • A prime central London apartment
  • A substantial residence outside the most expensive core neighborhoods
  • A period townhouse requiring some modernization
  • Multiple smaller rental properties outside prime central London

The important question is whether the investor wants one legacy property or a diversified mini-portfolio.

 

 

Which Market Is Better for Capital Preservation?

For a passive overseas investor seeking a standardized, professionally managed asset, I would generally favor a carefully selected Manhattan condominium.

Manhattan offers:

• • US-dollar exposure
  • Straightforward condominium ownership
  • A broad domestic and international buyer pool
  • Strong rental demand
  • Professionally managed buildings
  • Relatively transparent transaction data

London may be more compelling for an investor who:

• • Already has significant US exposure
  • Wants sterling diversification
  • Has family, education or business ties to the UK
  • Values historic architecture or landed property
  • Is prepared to hold through a multiyear recovery
    • Can tolerate higher acquisition taxes and potentially greater maintenance complexity

 

 

A Better Strategy: Do Not Treat It as an Either-Or Decision

A family allocating $10 million does not necessarily need to choose one trophy residence.

One possible structure would be:

• • $6 million allocated to a liquid Manhattan condominium
  • $4 million reserved for a smaller London residence or future opportunity

Another approach would be to place the full amount in Manhattan today while monitoring London for distressed, renovated or unusually well-priced assets.

The right allocation depends on what the family already owns.

A Singapore family with most of its wealth in Asian real estate and sterling-denominated assets may benefit more from Manhattan.  A family whose portfolio is heavily concentrated in the United States may find London more diversifying.

 

 

My Conclusion

For most Asian investors making their first major property purchase outside Asia, Manhattan is currently the more straightforward investment market.

Its condominium structure, dollar denomination, rental depth and diversified resale demand make it particularly suitable for remote ownership.

London offers a potentially attractive recovery story and exceptional lifestyle value, but its high acquisition taxes and uneven prime-market performance require greater selectivity.

The decision can be summarized simply:

• • Choose Manhattan for liquidity, standardized ownership and US-dollar diversification.
  • Choose London for lifestyle, historic property and a contrarian sterling recovery opportunity.
  • Choose both when the objective is true global diversification.

The city matters, but the individual asset matters more.

A well-selected property in either market can protect wealth.  A poorly selected trophy property—regardless of its address—can remain illiquid and underperform for years.

 

 

What We Do

We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale