Local citizens only account for a quarter of new-home sales
San Francisco, CA -- (SBWIRE) -- 01/23/2013 -- London is still calling for Asian property buyers, according to a new report.
The Knight Frank report that was released on Wednesday noted investors from Singapore, Hong Kong, China, Malaysia, and India accounted for 50% of the purchases of new homes in central London.
The United Kingdom's own citizens represented close to 25% of new-residence sales in the same area.
Asian buyers have spent over $1 million on new properties, up 14% from the average of a year ago.
“The higher price is partly due to the overall buoyancy of the market, but the products we’re selling to Asians is definitely more high-end than two or three years ago,” said Knight Frank’s Neil Batty.
Batty added that as of 2009, Asian buyers would balk on payments of more than $1,400 per square foot; however, today the projects such as Tower Bridge see Asian investors putting in nearly $2,500 per square foot.
Meanwhile, U.K. Citizens accounted for the highest percentage of property sales in central London over the 2012 fiscal year. Singaporeans were in second place with 23%. hong Kong was third.
China and Malaysia also made the list, with Mainland Chinese investors buying 5% of new central London property, and Malaysians tallying 4% of the overall purchases. India accounted for 2% of the total sales.
Baty noted that one of the main reasons for Asians to buy a London property is the child's education.
“They have every intention to have their children study there,” said Mr. Batty. “We get asked all the time how far a flat is from one university or another.”
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