The London property market will continue to attract overseas investors
for the foreseeable future, it has been claimed. Savills research has found that the sector has become increasingly globalised, with buyers from all over the world active.
Western Europeans were found to be by far the biggest group of international players, while North Americans are as large a group as Middle Easterners and bigger than ex Soviet Union buyers.
The Chinese are also gradually exposing themselves to the market, Savills noted, but only in relatively small numbers. There are more buyers coming from India and Pakistan than China - and they're spending more. It is this group that Savills identifies as most important to the London market among the emerging economies.
"We anticipate that London will continue to attract overseas buyers in the foreseeable future, especially with the eyes of the world on the London Olympics next year," said Yolande Barnes, head of research at the firm. "The diversity of economies from which these buyers originate and of their motivations for purchase, mean that there will nearly always be an overseas market for London property for as long as London remains a major global city."
London prices will inevitably be exposed to weaker global activity or sterling's appreciation, but Savills anticipates that its status as a relatively mature, stable global city market will continue to attract safe haven investment seekers
- Tuesday 14 June 2011