Kensington, Chelsea and Notting Hill top Europe’s GDP rich list

Kensington, Chelsea and Notting Hill have topped a new rich list, compiled by the European Union’s data unit, eurostat

These three areas enjoy local economies that are almost six times the European average (gross domestic product (GDP) per capita at 580% of the EU average in 2015).In fact, the trio of Kensington, Chelsea and Notting Hill posted GDP more than double its nearest European counterparts, beating the Grand Duchy of Luxembourg (264%), Germany’s Hamburg (206%) Brussels in Belgium (205%) and Bratislava in Slovakia (188%).Why are these areas in London producing such a great economic output? The essence lies in the international influx, with global relocators pushing up production levels and enriching the business landscape.”The world’s elite continue to gravitate to super prime London enclaves,” comments Marlon, Head of Sales at estate agency Lurot Brand, who specialises in the sale and let of mews houses in Kensington, Chelsea and Notting Hill, among other London neighbourhoods.”A large proportion of our buyers/tenants are influential or highly skilled foreign nationals drawn to the borough of Kensington and Chelsea for the amazing housing stock, cultural highlights, sense of security and excellent schooling. Their level of business activity and investment in their local area continues to keep West London at the top of Europe’s most desirable list – a fact we can’t see changing, even with Article 50 now triggered,” concludes Marlon.

It said the area topped Europe’s elite places to live with gross domestic product (GDP) per capita at 580% of the EU average in 2015. More than twice as large as its nearest rival.

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