House prices in most areas surrounding restaurants recently awarded a Michelin Star outperformed the wider market the year following the accolade, new research from Knight Frank shows. More than two-thirds outperformed their local market, with the average outperformance across all restaurants 1.6 percent.
Of the restaurants awarded a Michelin Star over this time, more than two-thirds saw prices rise at a faster rate than the wider area the subsequent year.
Oliver Knight, Knight Frank Residential Research, said:
“There may be other local factors affecting prices, but the appeal of a world-class restaurant to homebuyers will be a factor. Demand for properties located close to amenities including restaurants, shops and schools has risen in recent years. This is confirmed by data which shows prime properties values for homes in urban settings have now surpassed their 2007 peak. Homes in more rural settings remain 14 percent below peak levels.”