Chinese property buyers look set to replace Russians as the largest set of investors in the prime central London market, it has been suggested.
CB Richard Ellis has made the prediction on the back of the recent success of numerous currencies against sterling.
To this end, there are now parts of central London where buyers can take advantage of massive discounts.
For example, buyers with Japanese yen can get real estate for essentially 36 per cent cheaper, while investors with currencies such as the Hong Kong dollar, American dollar, Saudi riyal and the United Arab Emirates dirham can expect a discount of around 25 per cent.
Jennet Siebrits, head of residential research at CB Richard Ellis, said: "The bulk of the London market is trying to dodge the double dip, much like the rest of the UK.
"However, in what is truly emerging as a tale of two cities, the prime central London property continues to defy the downturn thanks to strong interest from international investors
Further to this, the continued interest in the UK from overseas buyers can also be seen in the rise in average house prices in Westminster and Kensington and Chelsea, of 23 per cent and 20 per cent respectively.
- Friday 10 September 2010