Demand for resi new-build is sky high and rising. CBRE revealed earlier today that the volume of such sales above £1,000 per square foot leapt by a whopping 240% over the last year and it’s been well-documented that South East Asian buyers have increasingly become a dominant force behind similarly remarkable figures, even shaping the way in which developers develop their schemes and marketeers market them.
A few months ago, Jones Lang LaSalle reported that buyers from China, Hong Kong, Malaysia and Singapore accounted for 51% of all new-property purchases in central London neighborhoods, up from 47% in 2010. Hong Kong buyers made 17% of the purchases alone, whilst Savills has reported that Chinese and Asian Pacific buyers accounted for just 5% of all purchases in the prime London resale market in 2011/12 (up from 2% in the previous year) but a stonking 31% of all purchases in the prime new-build market.
- International buyers turn back to London November 8, 2016
- Investor charge drives big rise in cash purchases across prime London April 27, 2016
- Understanding cash buyers December 19, 2016