Foreigners fueling luxury home sales in London

May 7, 2013 - PropertyGuru.com.sg

 

By Romesh Navaratnarajah:

Overseas buyers have overtaken Britons when it comes to purchasing London properties valued at over £2 million (S$3.8 million) in the past year, according to Knight Frank.

This group of buyers including the Chinese, Russians, Emiratis, Americans and Indians accounted for over fifty percent of sales. Most of these wealthy foreigners were attracted due to the declining value of the pound and London’s status as a safe haven.

“The key issue which has propelled London prices over recent years has been an appetite from global purchasers for tangible investments,” said Liam Bailey, Head of Residential Research at Knight Frank.

“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.”

In line with this, developers of prime London properties continue to organise international exhibitions for hungry investors. Here in Singapore, Barrat’s The Courthouse and Goodman’s Fields Satin House by Berkeley Homes will be showcased in upcoming roadshows.

The Courthouse comprises 129 units ranging from studio, one- to three-bedroom apartments and penthouses, with prices starting from £640,000 (S$1.22 million). Located in the city of Westmister, the property will be exhibited this week (10-12 May) at the Hilton Hotel, Orchard Road.

Meanwhile, Goodman’s Fields Satin House will be exhibited on 18 to 19 May at the Regent Hotel. The 18-storey tower features 67 studio, one- to three-bedroom apartments and three-bedroom duplex penthouses. Prices start from £650,000 (S$1.24 million).