Hong Kong, China, Dominate London’s Luxury RE
Buyers from Hong Kong and mainland China are the largest group of international investors in London’s luxury residential real estate market, according to a report from London-based brokerage Beauchamp Estates.
Buyers from the two countries now account for 15% of international buyer transactions priced above £1 million (US$1.22 million) across the city’s prime areas, and 20% of deals above £10 million, overtaking investors from Russia and India who had previously been London’s biggest overseas spenders, the brokerage said.
Buyers are typically purchasing new homes or historic properties that have newly refurbished super-luxury interiors. According to a separate report from brokerage Aston Chase, demand has been increasing from Hong Kong in particular since the region’s widespread political protests began in March 2019.
Though interest waned during the peak of London’s coronavirus lockdowns, since the English market resumed operations, inquiry levels from Hong Kong residents has increased by 50%, with buyers eager to make a deal before a possible second wave in coronavirus infections.