Knight Frank research shows that the Majority of London properties are bought by Asians
New Knight Frank research shows just under 60% of new-build property sold in central London in the last six months (Nov 10-Apr 11) went to Asian buyers, 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, reports that £120 million of its London property was snapped up by Asian buyers in the last two months alone, with particular success in the £400,000-£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 today announces the strengthening of its International Project Marketing division in South East 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.
Neil Batty, Head of Knight Frank IPM, comments, “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.”
Nick Thomlinson, Knight Frank’s Senior Partner, commented, “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.”