Middle East billionaire rents London penthouse for 2.86 million pounds per year

London, Aug 19(ANI): Despite the ongoing financial crisis adversely affecting the global economy, a Middle East billionaire will be renting a four-bedroom luxury penthouse, which costs a whopping 2.86 million pounds per year in London’s Knightsbridge.

Harrods Estates, which manages the property, has confirmed that the penthouse is located in one of three exclusive blocks in London – One Hyde Park, Lancelot Place and The Knightsbridge.

Despite the ongoing financial turmoil, One Hyde Park, which houses the most expensive luxury residential property in the world, continues to be in high demand.he rental prices in Knightsbridge have doubled over the past year and are anticipated to rise even further.The prime property market in London is the only area throughout the UK which has seen a rise in property prices in 2011″, the Daily Mail quoted Harrods Estates Sales and Marketing Director Shirley Humphrey, as saying.

“We have not only seen an increase in demand from buyers but also those looking to rent which in turn is pushing prices up”, she added.ut despite the exorbitant rent, it lags behind The Lanesborough Suite at The Lanesborough Hotel, which is the most expensive residential area in London. (ANI)