Sales of luxury homes in London have achieved a new high, as foreign buyers dominate the city’s high-end residential market, according to Savills Plc.
The number of homes sold for more than £5 million (S$10 million) grew from 200 to 262 in the January – September period, up 31 percent from last year, it said.
The real estate services provider noted that overseas buyers comprise 65 percent of the market for homes costing more than £5 million, with top-end purchases remaining concentrated in central London neighbourhoods, including Belgravia, Knightsbridge and Mayfair.
“Knightsbridge and Belgravia have a high proportion of London’s best-performing flats,” said Lucian Cook, Director of Residential Research.
“Mayfair has seen significant levels of capital investment and improved amenities which have underpinned price growth.”
He added that buyers from the Middle East, Eastern Europe, North Africa and the former Soviet Union are driving prices in Belgravia and Knightsbridge to new highs.
Meanwhile, prices in West London have grown 93 percent and 94 percent since 2006, compared with 87 percent across prime central London.
Savills noted that the total sales were £3.2 billion compared with £2.1 billion last year.
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