Over the past year, an increasing number of Asian property investors have been snapping up real estate in the burgeoning London market.
Estate agent Knight Frank claims that in total buyers from Asia have poured GBP 761 million into the market, a figure which is up from the GBP 250 million invested in 2009, Reuters reports.
Many buyers are lured to the UK because of the weaknesses of the British pound, low interest rates and the relative cheapness of real estate compared from the record highs of 2007. The interest from Asia has been noted by many developers and investment companies.
Speaking to the news provider, Darien Bradshaw, regional director for international properties at Colliers, said: "The last 12 months have been the strongest in selling London property
to Asia in 15 years."
Indeed, Colliers sold around 200 million pounds worth of British apartments to Asian investors so far this year, already outpacing the 150 million pounds for the whole of 2009, with buyers in Hong Kong, Singapore, Malaysia and China leading the pack.
- Friday 17 September 2010