In London's booming real estate market, any price will be fair enough, even if it costs $335,000 for a 77-square foot apartment. According to the real estate agent handling the sale, it is the location of the tiny dilapidated studio suite that has made it so costly.

While the apartment, which was probably a former storage room, has all the basic facilities that a five-room home would provide, the only problem lies in the size, whether it is a cabinet, a sink or a shower.

Real estate agent Andrew Scott compares the closet-sized space in the exclusive Knightsbridge neighborhood to that of the "size of a ship's galley." The shower space spans to the size of a coffin and 10-inch-deep shelves cut into the wall form a shallow closet for storage.

Weird or bizarre, whatever one says, the location of the property speaks for its price. At more than $4,340 a square foot, one can buy a spot within walking distance of posh stores like Harrods and London's iconic Hyde Park.

"It is an investment," Scott tells the AP adding that he already has three offers in hand for the sale of the house.