Luxury property investment London
As the Eurozone goes from one crisis to another and Greece edges closer to the brink of default and exit from the Euro, wealthy European property buyers are busy seeking luxury property investments in London.
London’s prime property market – the top 5% by value – continues to outperform those of rival locations in Hong Kong, New York and Paris. Prices have risen 49% since March 2009, driven almost entirely by foreign buyers.
This rapid growth has attracted private equity companies, developers and wealthy individuals to spend billions on luxury property investments in London.
Luxury property investment London – apartment blocks
Investors are converting commercial property into luxury apartment blocks – a very active area of growth.
John Caudwell, entrepreneur and founder of Phones 4u, paid £150m for a multi-storey car park in Mayfair last year, planning to convert the site into a 24-unit housing development.
Luxury property investment London – high performing areas
Traditionally, Greek investors have been long attracted to luxury property investments in London areas such as Mayfair, Knightsbridge and South Kensington.
Interest is growing from other countries too with significant interest from Italy, Spain, and France.
Web searches from Greece have jumped by 50% compared with six months ago while France are up to 16%, from Spain 10% and Italy on 9%.
Luxury property investment London – Asia’s rich see the opportunity
Luxury property investment in London is becoming an increasingly regular occurrence for wealthy Asian investors.
The Bloomberg bank generated a record £5.9 billion from Asian investors last year, particularly from China where there are nearly 500,000 high-net worth individuals, or people with US$1 million or more of cash to invest.