Wealthy Middle Eastern and Russian buyers are, along with Brits taking over from Chinese and European Union buyers as dominant in the Prime Central London market according to a new report from Hamptons International.
The report, which tracked the nationalities of prime property purchases in central London found a huge drop in the number of Chinese buyers, which after peaking at 13% of all PCL purchases in Q2, slowed to just 2% of all transactions in Q4. Likewise the number of buyers from across the EU fell by 19% during the course of the year.
Meanwhile Brits were back with a vengeance from the second half of the year, according to Hamptons we Brits were responsible for a peak 44% of all PCL transactions in Q3 of the year. Middle Eastern buyers peaked in Q4 at 16% having been the only nationality to grow consistently quarter on quarter throughout the year. Russian's jumped in at the end of the year with the biggest growth; Russian buyers bought 11% more PCL property in Q4 than in Q3 making for a bright start to 2012.
Adam Challis, Head of Research at Hamptons International, who compiled the report, commented: "The results of our nationality tracker are a fascinating insight into the confidence levels of international buyers. As different regions around the world experience times of economic or political uncertainty, Prime London residential property has offered more than just a safe bet – prices grew on average by 13 percent last year alone."
"For example, political uncertainty in the lead up to Russian elections in March 2012 has led to a jump in the number of Russians buying prime property stock in Central London."
"Meanwhile, British buyers are taking advantage of one of the rare ways to protect capital at the moment as prime property has and is expected to outperform most other asset classes."
- Friday 03 February 2012