Three in four new builds in London bought by foreigners
Monday 4th February 2013
UK buyers are purchasing only just over a quarter of new-builds in London, with most going to overseas investors.
Knight Frank said that UK purchasers have a 27% market share.
A total of 52 nationalities bought new-build property in London last year, led by buyers from Singapore (22%), Hong Kong (16%), China (5%), Malaysia (4%) and Russia (3%).
Altogether, says Knight Frank, overseas buyers bought new-build properties in central London with a value of £2.2bn, up 22% from the £1.8bn they spent in 2011.
Of those buying last year, one third did so to provide their student children with a base in the city.
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