Fine & Country Mayfair is one of many London realty firms that are claiming a bulk of their business is being conducted with foreigners who are seeking a safe haven for their property investments. The realtor has not sold a property to a buyer native to the United Kingdom (UK) since 2005. Despite the Eurozone’s financial hardships, London’s top 5% of property is still performing better than that of other prime real estate in select markets like New York, Paris and Hong Kong. In addition to relative market stability, foreigners are also attracted to the country’s superior education and status as a historical and cultural hub. For more on this continue reading the following article from Property Wire.
The extent of interest from overseas in London property is demonstrated by one agent in the capital who has not sold a single property to a UK buyer since 2005.
Fine & Country’s Mayfair Office is dealing exclusively with foreign buyers who see London as a safe haven for investment, especially the upper end of the market.
The top 5% of property by value in London continues to outperform those of rival locations in New York, Paris and Hong Kong, according to Julian Lilley, of Fine & Country Mayfair.
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‘It is seen as a safe haven both from a security and a financial perspective. London’s property market seems to defy gravity,’ he said.
Not only is the central area covered by Fine and Country Mayfair far exceeding other locations in the property stakes internationally but nationally as well.
‘Whereas most of Europe and many parts of The UK are showing declines in the market in excess of 10%, Central London prices continue to rise, with reports of some areas, such as Mayfair and Knightsbridge, showing increases of over 20% in the last year,’ explained Lilley.
A further pull for overseas buyers is the world class education provided in London. ‘Following the summer, our many Middle Eastern clients are returning to London eager to buy houses or to rent apartments for their student offspring. London is also an historic and cultural centre with a reputation for tolerance as well as being a funky place to live,’ he added.
The demand from overseas investors for expensive homes is reflected in the number of developments currently under construction in London which are presently priced at £38 billion.
This article was republished with permission from Property Wire.