New York City and London - the two aren't so far apart after all

It's fashion week in New York City, and people from all over the world have flocked to the city to take part in the events. However, Vogue recently published the results of its annual poll and found that London, for the second year in a row, is widely considered the most fashionable capital in the world. While New York City is not far behind at number two, it does take away a little bit of the magic of Fashion Week 2012.

Of course, fashion isn't the only thing New York City and London have in common. While competitors on the global financial stage, London and New York's commercial real estate markets are one in the same, reports. Each metro area shares similar economic drivers - media and technology - and those two industry sectors look to continue their dominance as 2012 moves forward.

Many professionals have already noted that Manhattan looks to emerge as the Silicon Valley of the East, but London is also expanding its knowledge base, experiencing a rise in activity from tech services, the news source reports.

With Big Apple tech growth an obvious advantage to purchasing real estate in New York, New York, many residents are also discovering that for-sale property in the city isn't as pricey as it once was. However, median asking prices are rising, so purchasing homes now may be the most cost-effective option for prospective buyers.

According to the Department of Numbers, the median asking price in New York City was $345,000 on August 13, 2012. Currently, the metric has fallen to $339,900 as of September 10, 2012. This decline in value is concurrent with the decrease in housing inventory, which fell from 42,896 to 41,598 in the same time period.

London, on the other hand, has seen its property prices increase by 2.7 percent over the month of August 2012 and as much as 6.5 percent year-over-year. With Land Registry data showing an average home price in London of £368,000, which converts to $591,339, New York City appears to be the more affordable major metro of the two.