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Prime London property still top for Asian buyers

Tuesday, 14 December 2010 3:55 PM

Despite the recession, the UK's relative social and economic stability means international buyers are still turning to Britain for their overseas property investment.

According to Harrods Estates, the luxury property division of the Harrods Group, luxury homes in prime London areas including Knightsbridge, Mayfair and Kensington have retained their appeal among foreign investors - particularly those from Asia.

In the year to March 2010, the capital witnessed a 120 per cent increase in property demand from Asian countries, with these buyers responsible for almost half of all central London new builds in the 12-month period.

Harrods Estates has seen interest rising quickly from Asian buyers, who now account for 38 per cent of the firm's clients, compared to just seven per cent in 2008.

Shirley Humphrey, sales and marketing director for the company, said: "The weak British pound and low interest rates all contribute to the appeal of investing in London property, and an increase in the level of prime new London development stock available means there is more choice on the market."

Charlie Bubear, from Savills Knightsbridge, echoed these remarks, adding: "Throughout 2010 the market shifted more in the direction of buyers from the Far East with the dollar being stronger than the Euro."

But he also went on to say that the market has recently seen renewed interest from buyers working in the UK financial sector, adding: "The profile of buyers is not so much the single banker buying a flashy pad, it is more family driven, looking towards larger properties."
 

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