The most elite and sought-after properties in London are being bought by super-wealthy buyers from the Middle East region, according to latest reports. Properties are also being purchased by buyers from China and India.
Britain?s rich are selling up and shifting out of Central London, according to latest researches. According to Britain?s leading real estate agents, Savills, around ?3.7 billion is invested by foreign buyers into London property every year, out of which the major bulk of investment (around ?2.7 billion) is made in the most expensive and nifty neighbourhoods of London like Mayfair, Kensington, Notting Hill, Park Lane and Chelsea.
Savills statistics reveal that buyers from the Middle East and North Africa, (MENA) are the biggest investors of high-end property. Together, the MENA homeowners hold about 13% of central London?s most expensive freehold.
While Indian buyers (who comprise 9% of all buyers in the ?5 million – ?15 million price range) spend ?3.5 million on prime-location freehold in the capital, the British, on an average spend merely ?1.5 million on the same.
?The diversity of economies from which these buyers originate and the diversity of their motivations for purchase, mean that there will nearly always be an overseas market for London property for as long as London remains a major global city,? said Yolande Barnes, head of residential research at Savills.
One Hyde Park, the UK?s most priciest and exclusive real estate project, has sold more than a quarter of its apartments to affluent Arab buyers, according to reports.
Between 20-25% of sales were to Middle East buyers alone, with the cheapest apartment in the development costing ?5.75 million.