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LONDON: Just under 60% of new-build property sold in central London between November 2010 and April 2011 went to Asian buyers, according to a new Knight Frank study. This was driven by the favourable exchange rate and London’s status as the top destination for international property purchases, with strong capital growth potential and stable, long-term investment appeal.
Hong Kong buyers were the largest group (24%), followed by Singaporeans (12%) and mainland Chinese (10%), and then other countries in the region.
Knight Frank’s international project marketing team, which sells UK residential developments to the Asian markets, reported that £120 million (RM595 million) of its London property was snapped up by Asian buyers in the last two months alone, with particular success in the £400,000 to £1,000,000 price bracket.
Most recently, the King’s Cross mixed-use development by King’s Cross Central Limited Partnership was launched in Hong Kong and Singapore at the start of April and became one of the most successful overseas exhibitions ever.
Knight Frank also announced the strengthening of its international project marketing division in Southeast Asia, to support the huge growth in demand from the region. Residential development partner Seb Warner will move across from London to Hong Kong to head the Asia region and will be joined by Mimi Capas, who will oversee a new leasing division to support this expansion.
“Asia is the fastest growing region for cross-border sales of London property. Having established this business with significant success in Hong Kong, Singapore and Malaysia, we are now rapidly expanding into mainland China,” said Neil Batty, head of Knight Frank international project marketing in a statement recently.
Nick Thomlinson, Knight Frank’s senior partner added, “The decision to strengthen the existing team is a testament to the ongoing importance of the Asia-Pacific markets to Knight Frank and our clients.”
This article appeared on the Property page, The Edge Financial Daily, May 27, 2011.
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