Central London Is Becoming More International
Source: http://www.arabianbusiness.com
#uk #london #realestate
According to Arabian business, Britain's rich are selling up and moving out of central London, replaced by super-wealthy buyers from regions such as the Middle East, China, and India, new research found. Real estate consultancy Savills said foreign buyers inject some US$6 billion into London property each year, the bulk of which - US$ 4.4 billion - is used to snap up homes in billionaire markets such as Mayfair, Kensington, and Chelsea.
The biggest spenders in the capital come from Eastern Europe and the former Soviet Union, putting down US$ 10.3 million on average. Buyers from the Middle East and North Africa are among the biggest spenders on high-end property, holding a 10 percent share of prime central London real estate and with an average spend of US$ 6.7 million, Savills said. By value, MENA homeowners hold 13 percent of London's most expensive property. Indian buyers, who make up nine percent of all buyers, spend US$ 5.7 million while Chinese, widely tipped as the next group to arrive in force, spending US$ 3.7 million on average. The British spend, on average, US$ 2.5 million on prime London property, Savills said.
As reported by Arabian business, UK owners are disinvesting and moving out of the central areas, taking their equity with them. Central London is becoming more international as these (foreign) buyers tend to hold their stock for longer than their UK counterparts. For example One Hyde Park, the UK's priciest real estate project, has sold nearly a quarter of its apartments to wealthy Arab buyers. Between 20-25 percent of sales were to Middle East buyers, with the cheapest apartment in the development costing US$ 9.2 million.
The biggest spenders in the capital come from Eastern Europe and the former Soviet Union, putting down US$ 10.3 million on average. Buyers from the Middle East and North Africa are among the biggest spenders on high-end property, holding a 10 percent share of prime central London real estate and with an average spend of US$ 6.7 million, Savills said. By value, MENA homeowners hold 13 percent of London's most expensive property. Indian buyers, who make up nine percent of all buyers, spend US$ 5.7 million while Chinese, widely tipped as the next group to arrive in force, spending US$ 3.7 million on average. The British spend, on average, US$ 2.5 million on prime London property, Savills said.
As reported by Arabian business, UK owners are disinvesting and moving out of the central areas, taking their equity with them. Central London is becoming more international as these (foreign) buyers tend to hold their stock for longer than their UK counterparts. For example One Hyde Park, the UK's priciest real estate project, has sold nearly a quarter of its apartments to wealthy Arab buyers. Between 20-25 percent of sales were to Middle East buyers, with the cheapest apartment in the development costing US$ 9.2 million.
