The UK real estate market has been struggling in general, many homeowners and property investors have witness the reduction in house prices. The one exception is London where real estate is booming and attracting the worlds “super rich” according to the latest figures.
Estate agents Savills recent study has confirmed what may estates agents have been highlighting for sometime. The Asian community are some of the biggest buyers, investing over 3billion per year in prime real estate in London. The research also showed that there were more buyers from Pakistan and India than were from China. Buyers from the Indian sub-continent continue to be an under reported force in the market. Savills have identified this group as the most influential in the UK property market in the future.
The diversity of the buyers and the upcoming Olympics has help to attract major foreign investment. Also globally London has always been seen as an attractive major investment because of its financial institutions and stability. The report goes on to outline that Asians have bought real estate in the heart of London’s Mayfair, Belgravia, St John’s Wood, Regent’s Park as second and third homes for the rising number of rich Asians and their children who study here. With low interest rates and favorable foreign exchange rates London looks set to continue to attract real estate investment worldwide.