London property agents are seeing increasing numbers of enquiries from Southeast Asia, with the number of buyers and investors from Indonesia increasing every week.
Charles Smith, Managing Director of UK’s Sotheby’s International Realty, speaking exclusively to Rumah.com, said, “We have seen an increase in Indonesian buyers in the past year and we expect to see this continue. Indonesia is the fourth most populist country in the world and London is a hugely welcoming city with an incredibly diverse population. Foreigners tend to gravitate to places where they can find people from the same country of origin as themselves – and as more and more Indonesians buy property and put down roots here, an expat community will start to fuel itself.”
Zones one and two – the areas in the very heart of the city, are getting much attention from Indonesians. A two-bedroom 1,334 sq ft leasehold property in the West End (pictured) is currently on the market for £2,250,000 and has been attracting interest from Indonesians.
Smith added that “Indonesians are predominantly buying in London as an investment. It’s a 14-hour flight from Jakarta to London so the majority of buyers are not buying for their own use.”
London has been attracting more interest from Southeast Asian buyers for several years. Smith noted that “London is an outstanding place to invest in property and do business. Its physical geography means that it is well placed for world travel and time zones, and the uncertainty of the Euro means that London is a more attractive option than many other European cities such as Paris or Rome as the pound sterling remains safe. English is also the international language of business and the financial services infrastructure in the UK is still very strong.”
Another attraction for property buyers is the unrestricted nature of the market. Smith said,“Unlike many Swiss cantons for example, there are no limitations on the number of foreign buyers who can buy property in the city of London, and once here, residents have the freedom to move their money around as they wish. Properties in London also continue to rise in value.”
The number of Indonesian buyers is “rapidly increasing”, added Smith, who is also seeing new buyers from Malaysia, Thailand, Vietnam, Cambodia and Laos. “The majority of buyers we’re seeing from Southeast Asia are still from Singapore.”
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