Asian nationals bought almost half of new London homes last year

January 22, 2013
January 22, 2013

A link from The Wall Street Journal

Nationals from Hong Kong, Singapore, mainland China, and Malaysia bought almost 40% of newly built apartments in central London last year, according to property consultancy Knight Frank. UK residents, in contrast, bought only 27% of new homes. The firm chalks up the demand to fact that emerging markets like China have not been as affected by last year’s global economic slowdown. Measures by the Chinese government to cool the country’s property market, where many Chinese investors park their money, may have also created pent up demand. Overall overseas demand for London properties increased 22% from the year before, with a third of buyers purchasing homes in order to send their children to school in the UK.

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