• Wealth Management
    & Employee Benefits:
    0345 241 6500
Request a call

Wealth Management News

Latest News
23 Jan 2013

Overseas Purchases Of Central London New-Build Property Rose In 2012

The value of international purchases of new-build property in central London jumped by almost a quarter to £2.2 billion in 2012, from £1.8 billion the previous year, data from property consultancy Knight Frank showed last week.

According to the consultancy´s International Residential Investment in London report, foreign investors from 52 different nationalities purchased new-build real estate in central London in 2012, with Singapore at the top of the ranking in terms of the number of transactions with a 23% share. It was followed by Hong Kong with 16%, China with 5%, Malaysia with 4% and Russia with 3%.

Knight Frank found that 33% of international purchases in the area were related to securing a local base for buyers´ children who attend London universities.

Despite the growing appetite for London property amongst overseas buyers, the report showed that UK investors remained the biggest nationality group, holding a 27% share of the market last year.

Knight Frank attributed the continued overseas interest in London property mainly to the potential for capital growth and the investment diversification opportunity, the favourable foreign exchange rates for many international buyers and London´s leading position in education.

The report predicts that the interest in central London property amongst the core foreign markets would remain strong. Chinese investors are expected to show increased activity in the market, Turkey is also forecast to remain a key buyer market, while Indonesia is “a country to watch.” In addition, Knight Frank said the UK buyers´ market share was likely to increase from its current levels.

Copyright © M2 Bespoke 2013

Request a call

X

Thank you for your request. We will be in contact as soon as possible.