Property adviser Engel & Völkers is expanding its network within Europe and has now opened a residential office in Central London.

The new office on Brompton Road in Chelsea gives Engel & Völkers a presence on an exclusive thoroughfare in one of the most sought-after neighbourhoods worldwide.

In the adjoining district of Knightsbridge, prices are currently reaching anything up to £64,800 per m2 (about EUR 76,000). Prices for a 1-bedroom apartment here can fetch anything from between about EUR 336,000 and as much as EUR 3.4 mln. Meanwhile the average townhouse currently has a price tag of EUR 2.8 mln.

'Property in London is still regarded as a secure long-term investment by both British and foreign investors. The demand for high-class real estate in very good locations is high, while supply continues to remain extremely limited,' said Patrick Aschan, director of the office in Chelsea. In view of this large surplus in demand, Aschan anticipates that prices will level out again in the medium term, having dropped during the financial crisis.