Foreigners’ land-buying spree is at its highest level since 2007

Wealthy foreign investors have forked out £1.8bn on central London property developments, according to research by CBRE.

Foreigners’ land-buying spree is up 118% year-on-year and is at its highest level since 2007.

The FT reports that the largest transaction recorded in the three months to the end of June was three sites being sold for £428m to a partnership between Malaysian investor Eco World and Irish developer Ballymore.

At number two was the sale of offices including former Express Newspapers HQ Ludgate House for £308m.

Alastair Perks, CBRE’s senior director of central London development, told the FT: “The leasing market continues to strengthen and, with supply of office space remaining historically low, these factors are creating good opportunities for speculative development.”