Wealthy Flock to Buy Property in London
Wealthy Flock to Buy Property in London
Luxury-home prices have rebounded faster than the rest of the housing market due to a lack of properties and the weaker pound luring overseas buyers, accoring to Bloomberg online.
A widening range of foreign nationals are buying houses or apartments in the capital worth more than 1 million pounds, lifting values for the fourth consecutive month in February.
Out of the nation's 20 priciest areas, 14 are in Kensington and Chelsea with Victoria Road taking the title for most expensive street.
London property is drawing investors facing financial and political instability in their home markets, according to Liam Bailey, head of resreach at London estate agent Knight Frank. The overthrow of the Tunisian and Egyptian rulers, triggering uprisings in Libya, Bahrain, and Yemen, is expected to also bring more Middle East money to London as the rich seek to protect their wealth, Bailey said.
"The number of nationalities buying in London has risen from 46 in 2009 to a new record of 61 over the past year," Mr Bailey added. Knight Frank has been tracking the number of countries since 2005 when there were 30.
Greeks and Spanish were among the five nationalities that increased investment the most, joined by buyers from Uzbekistan, Hong Kong and the U.S.
The city's most expensive street, Victoria Road in Kensington, has an average house costs of 6.43 million, according to a report by property website Mouseprice.com.
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