Foreign buyers have overtaken the number of Britons buying London properties worth more than £2m, research by Knight Frank has shown.
According to the survey, Russians, Americans, Emiratis, Chinese and Indians saw London properties as a “safe haven investment” and bought more than half of London’s most expensive homes in the past year.
Liam Bailey, Knight Frank’s head of residential research, said wealthy foreigners were increasingly attracted to buying luxury London property as a “safe haven investment” at times of political turmoil in their home countries.
Russians were top on the list, buying 8.5% of all London properties over £2m, followed by Emiratis, Americans and Chinese who snapped up 2.8% each. Buyers from eurozone countries accounted for 9.5%, Indians bought 2.6%, Hong Kong 1.8%, and Swiss buyers 1.1%.
“The key issue which has propelled London prices over recent years has been an appetite from global purchasers for tangible investments,” said Liam Bailey, Knight Frank’s head of residential research.
“Add in ultra-low interest rates, together with the fact that not only is London outside the eurozone but the pound is weak, and you have the perfect ingredients for that heady cocktail – the safe haven investment.”
More for you, from us:
The London Business Summit: Thriving in London, Tuesday 25 June 2013
Discover opportunity, explore innovation, drive long-term profits
Speakers include Martha Lane Fox, Alastair Lukies, Julie Meyer, Mike Butcher, Jo Valentine and many more.
The LondonlovesExcellence Awards Gala Dinner: Tuesday 25 June 2013, from 7pm
London’s most important business gala
Network with London’s greatest businesses. Judges include Karren Brady, Willie Walsh, Michelle Mone, Luke Johnson and 15 others.
READ ONLINE NOW: Securing Britain’s Future
How London’s business leaders would safeguard our economic future
Boris Johnson, Martha Lane Fox, Doug Richard, Xavier Rolet and more than 25 other CEOs and entrepreneurs share their insights.
Register for our free newsletter
For up-to-the-minute insights, news and gossip for London professionals and business leaders
Leave a Comment