Chinese, Middle East investors dominate London real estate market
Investors from the Middle East and China are currently dominating the London residential real estate market, while investors from Russia are usually renting, according to a Knight Frank report.
Based on the ‘Super-Prime London Insight’ report released by Knight Frank, in spite of the economic slowdown in China and all the geopolitically conflicts around the world, London’s prime central real estate continues to attract much interest, reported by Chinatopix.
Middle Eastern investors are attempting to broaden and diversify their properties, and many see London as an essential market, Knight Frank global head of residential Andrew Hay explained.
Hay revealed that UK properties are both a commercially and residentially good sector for investors seeking to broaden their assets and territories, including the United States, Germany and other regions.
The consultancy firm revealed that among London’s best residential properties include Kensington and Mayfair, which are considered super-prime developments with an estimated value of more than $14.32 million.
The two locations have experienced some jaw-dropping transactions – with the highest price at $11,460 and $5,730 per square feet in Knightsbridge and Mayfair, respectively. So far, these new-build super-prime real estate properties have increased in terms of overall transactions from one-fifth in 2012 to one-third in 2015.