Asian people buys in newly-built property in central London

June 01, 2011 | 12:48

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Almost 60 per cent of newly-built property sold in central London during the last six months (Nov 10-Apr 11) went to Asian buyers, according to the latest research done by property consultant firm Knight Frank.

This is driven by the favourable exchange rate and London’s status as the top destination for international property purchases, with strong capital growth potential and stable, long-term investment appeal, the research added.

Further statistic showed that Hong Kong buyers were the largest group (24 per cent), followed by Singaporeans (12 per cent) and mainland Chinese (10 per cent), and then other countries in the region.

Knight Frank’s International Project Marketing team, which sells UK residential developments to the Asian markets, reports that £120 million of its London property was snapped up by Asian buyers in the last two months alone, with particular success in the £400,000-£1,000,000 price bracket.

Neil Batty, head of Knight Frank International Project Marketing division in Southeast Asia, said: “Asia is the fastest-growing region for cross-border sales of London property; having established this business with significant success in Hong Kong, Singapore and Malaysia, we are now rapidly expending into mainland China.”

By Bich Ngoc

vir.com.vn

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