Residential apartments on St. George's Wharf on the Thames (Chris Radcliffe/Bloomberg)
For the first time Asian buyers are accounting for the majority of sales of new homes in central London.
That statistic comes from Knight Frank, the property company, which says 60 per cent of new build property purchases in the heart of the city in the last six months were by Asian buyers. The largest group of buyers was from Hong Kong, which accounted for 24 per cent of sales, followed by Singapore buyers with 12 per cent and citizens of mainland China, who made 10 per cent of purchases, the property firm reports.
A favourable exchange rate and the perception of London as stable investment market helped drive sales, Knight Frank said.
The sweet spot for Asian buyers was property priced between 400,000 pounds and 1 million pounds, the firm reports. In the last two months alone Asian buyers bought a total of 120 million pounds worth of London property, the firm said.
