Over the last two years the proportion of £1m+ sales in London to non-UK buyers was 51%, rising to 60% for properties priced above £5m.
London, UK (PRWEB UK) 28 January 2013
Key headlines from London Residential Review, Spring 2013
Prime central London house prices have risen 53% since March 2009 and are 16.5% higher than the previous market peak of March 2008.
Hong Kong, Jakarta and Bejing are the only major global cities to have outperformed London in terms of price growth since the financial crisis low in Q1 2009.
The main international buyers in London in the last three years were from Russia, India, the US, Italy and France.
Prime central London rents declined in the second half of 2012, taking the annual fall to 3.2% in 2012.
In 2012, Knight Frank rented properties to 77 nationalities with 66% of all prime lets going to international tenants.
Liam Bailey, Global Head of Residential Research, comments:
“London’s relatively healthy rate of price growth compares with a somewhat anaemic -1.4% for New York, -4% for Paris and -6% for Geneva.
"Over the last two years the proportion of £1m+ sales in London to non-UK buyers was 51%, rising to 60% for properties priced above £5m.
"Overseas buyers are also key in the ‘new-build’ market, as we examine in more depth here.
"Our map of local London markets confirms that the worlds wealthy are still drawn to London over the many global city alternatives, although some areas are more popular than others when it comes to attracting overseas buyers.”