Written on 18 December 2017 by Michael Wood in Property News
Buyers and investors from overseas continue to snap up property in London’s prime market, with particular interest from Asian and Middle Eastern buyers.
In the third quarter of 2017, buyers from the Middle East and Asia formed the majority of overseas buyers investing in the prime London market, each buying up 13% of the properties on offer. Meanwhile, buyers from the EU accounted for 10% of the properties on offer during the same period.
It was feared potential changes to capital gains tax affecting overseas buyers investing in commercial property and the shadow of Brexit might deter international buyers, but the capital’s status as a safe haven seems secure.
In the aftermath of the Brexit vote, overseas buyers scrambled to take advantage of the favourable exchange rate by investing in prime central London property. But this trend seems to be continuing.
According to data from the London Central Portfolio (LCP) published earlier this year, investors from South East Asia accounted for the majority – 36% – of high-end property sales in the year 2016-17, while buyers from Indian accounted for 22% of property sales, and Middle Eastern buyers 21%.
Property in London remains attractive for many reasons, including a relatively stable political environment, the weaker pound, and the capital’s status as a global financial hub.
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