Number of countries pumping money into London grows
Money is flowing into the London property market from an increasing range of countries, according to research
Property services firm Jones Lang LaSalle said in a 2013 property market preview that international buyers would come ‘from a broader range of backgrounds’.
Its study found that less than a fifth of residential property buyers in central London were British.
Hong Kong was almost as well represented as Britain, closely followed by Singapore, Malaysia and the Middle East. Significant numbers also came from China, India, Russia and Turkey.
London-based practice Aukett Fitzroy Robinson said the findings were good news for architects in the sector.
UK managing director Suzette Vela Burkett told AJ: ‘The UK has a safe house effect, with property holding its value relative to elsewhere.
‘London is a centre of finance and design excellence and many international developers like to have something here. I think the trend will continue.
‘It’s great to have one sector performing well, and it brings with it some very high quality specifications and unique opportunities, which is great for architects.’
Vela Burkett said having offices in the source countries was a major advantage when bidding for work in London for international developers.
‘It can be a comfort to the architect and the client and help with interpreting contracts and briefs,’ she said.
The JLL report said London retained its advantages compared to other world cities.
Many international developers would ‘continue to seek to invest in a stable property market with a proven track record of capital growth’ it added.
‘Modern architecture; a high level and quality of service provision; and low maintenance costs continue to attract buyers to the new build market,’ said the report.