Aston Chase report a surge in the number of Hong Kong residents travelling to London to invest in residential property. Fears over the Chinese plans for an extradition treaty and the government’s growing influence over the area have driven Hong Kong natives to seek a ‘safe haven’ abroad and notwithstanding our own political uncertainty, London is proving to be a favoured location.
Despite Brexit and the current leadership campaign, Aston Chase explain that a number of their Hong Kong based clients have expressed a desire to have a second home in London due to its relative stability, legal system, exceptional education amenities and its recognition as a hub for business and commerce alongside the convenience of its worldwide central location.
As a direct consequence Aston Chase have recently agreed terms on the sale of a substantial PCL apartment to a Hong Kong resident. Although predominantly intended as a second home the apartment will act as a ‘safe haven’ if political tensions with the Chinese government deteriorate thus preserving Hong Kong nationals’ assets and wealth.
Aston Chase note that recent enquiries from Hong Kong based clients are particularly attracted to new build sophisticated apartment buildings often behind traditional period facades benefitting from hotel like amenities priced on average between £5 to £10m.
Mark Pollack, Co-Founder and Director at Aston Chase said, “Aston Chase have seen an unmistakable surge in enquiries from Hong Kong residents looking to buy property in London. In the past two weeks alone, we have had four serious high end enquiries from prospective purchasers looking at homes here with many citing the political unrest in Hong Kong as being the primary motive to buy. With London as their first choice for an international base it would suggest that Brexit has had little effect on changing the city’s desirability and global appeal”.