Asian buyers of London property opt for smaller, lower-priced units and prefer waterside locations according to the latest research from Savills.
In its The World in London report, published yesterday, the real estate agency noted that 38 percent of buyers in the overall prime London property market were from overseas.
In the new-build prime central London market, which includes developments such as The Lancasters and One Hyde Park (pictured), a total of 85 percent of buyers are international.
The report also revealed that just 6.4 percent of all prime London property deals were done to buyers from Pacific Asia and Australasia – which includes buyers from Singapore, Malaysia, Thailand and Indonesia.
Of these, the report noted that 52 percent of buyers were purchasing a main residence, with the remaining 48 percent split equally between those buying as an investment, or as a second home.
Yolande Barnes of Savills World Research said: “Far from being ‘buy to leave’ investors, most overseas buyers in London live and work in the U.K.”
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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